[Congressional Bills 105th Congress]
[From the U.S. Government Publishing Office]
[S. 2366 Introduced in Senate (IS)]







105th CONGRESS
  2d Session
                                S. 2366

  To amend the Internal Revenue Code of 1986 to provide that housing 
 assistance provided under the Native American Housing Assistance and 
  Self-Determination Act of 1996 shall be treated for purposes of the 
 low-income housing credit in the same manner as comparable assistance.


_______________________________________________________________________


                   IN THE SENATE OF THE UNITED STATES

                             July 28, 1998

   Mr. Johnson (for himself, Mr. Inhofe, Mr. Baucus, Mr. Conrad, Mr. 
Bryan, Mr. Kerry, Mr. Bumpers, Ms. Snowe, Mrs. Boxer, Mr. Daschle, Mr. 
 Burns, and Mr. Inouye) 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 provide that housing 
 assistance provided under the Native American Housing Assistance and 
  Self-Determination Act of 1996 shall be treated for purposes of the 
 low-income housing credit in the same manner as comparable assistance.

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

SECTION 1. CERTAIN NATIVE AMERICAN HOUSING ASSISTANCE DISREGARDED IN 
              DETERMINING WHETHER BUILDING IS FEDERALLY SUBSIDIZED FOR 
              PURPOSES OF THE LOW-INCOME HOUSING CREDIT.

    (a) In General.--Subparagraph (E) of section 42(i)(2) of the 
Internal Revenue Code of 1986 (relating to determination of whether 
building is federally subsidized) is amended--
            (1) by inserting ``or native american housing assistance'' 
        after ``home assistance'' in the subparagraph heading, and
            (2) by inserting ``or the Native American Housing 
        Assistance and Self-Determination Act of 1996 (as in effect on 
        October 1, 1997)'' after ``this subparagraph)'' in clause (i).
    (b) Effective Date.--The amendments made by this section shall 
apply to periods after the date of the enactment of this Act.
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