[Congressional Bills 105th Congress]
[From the U.S. Government Publishing Office]
[S. 1252 Introduced in Senate (IS)]







105th CONGRESS
  1st Session
                                S. 1252

 To amend the Internal Revenue Code of 1986 to increase the amount of 
low-income housing credits which may be allocated in each State, and to 
                    index such amount for inflation.


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                   IN THE SENATE OF THE UNITED STATES

                            October 3, 1997

Mr. D'Amato (for himself and Mr. Graham) introduced the following bill; 
     which was read twice and referred to the Committee on Finance

_______________________________________________________________________

                                 A BILL


 
 To amend the Internal Revenue Code of 1986 to increase the amount of 
low-income housing credits which may be allocated in each State, and to 
                    index such amount for inflation.

    Be it enacted by the Senate and House of Representatives of the 
United States of America in Congress assembled,

SECTION 1. INCREASE IN STATE CEILING ON LOW-INCOME HOUSING CREDITS.

    (a) In General.--Section 42(h)(3)(C)(i) of the Internal Revenue 
Code of 1986 (relating to State housing credit ceiling) is amended by 
striking ``$1.25'' and inserting ``$1.75''.
    (b) Adjustment of State Ceiling for Increases in Cost-of-Living.--
Section 42(h)(3) of the Internal Revenue Code of 1986 (relating to 
housing credit dollar amount for agencies) is amended by adding at the 
end the following new subparagraph:
                    ``(H) Cost-of-living adjustment.--
                            ``(i) In general.--In the case of a 
                        calendar year after 1998, the dollar amount 
                        contained in subparagraph (C)(i) shall be 
                        increased by an amount equal to--
                                    ``(I) such dollar amount, 
                                multiplied by
                                    ``(II) the cost-of-living 
                                adjustment determined under section 
                                1(f)(3) for such calendar year by 
                                substituting `calendar year 1997' for 
                                `calendar year 1992' in subparagraph 
                                (B) thereof.
                            ``(ii) Rounding.--If any increase under 
                        clause (i) is not a multiple of $1, such 
                        increase shall be rounded to the next lowest 
                        multiple of $1.''
    (c) Effective Date.--The amendments made by this section shall 
apply to calendar years after 1997.
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