[Congressional Bills 106th Congress]
[From the U.S. Government Publishing Office]
[H.R. 3451 Introduced in House (IH)]







106th CONGRESS
  1st Session
                                H. R. 3451

To amend the Internal Revenue Code of 1986 to allow the unused portion 
of the low-income housing credit for buildings financed with tax exempt 
State bonds to be used for the construction of military housing in the 
                                 State.


_______________________________________________________________________


                    IN THE HOUSE OF REPRESENTATIVES

                           November 18, 1999

 Mr. Abercrombie introduced the following bill; which was referred to 
                    the Committee on Ways and Means

_______________________________________________________________________

                                 A BILL


 
To amend the Internal Revenue Code of 1986 to allow the unused portion 
of the low-income housing credit for buildings financed with tax exempt 
State bonds to be used for the construction of military housing in the 
                                 State.

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

SECTION 1. UNUSED PORTION OF LOW-INCOME HOUSING CREDIT FINANCED WITH 
              TAX EXEMPT BONDS USED FOR CONSTRUCTION OF MILITARY 
              HOUSING.

    (a) In General.--Section 42 of the Internal Revenue Code of 1986 
(relating to low-income housing credit) is amended by redesignating 
subsection (n) as subsection (o) and by inserting after subsection (m) 
the following new subsection:
    ``(n) Qualified Military Housing Building.--For purposes of this 
section--
            ``(1) In general.--A qualified military housing building 
        shall be treated as a new qualified low-income housing 
        building.
            ``(2) Applicable percentage and qualified basis.--The 
        applicable percentage for the qualified military housing 
        building shall be determined under subsection (b)(2) in a 
        manner to yield the credit amount described in subsection 
        (b)(2)(B)(ii). The qualified basis of such building shall be 
        the basis determined under subsection (d)(1).
            ``(3) Qualified military housing building.--The term 
        `qualified military housing building' means military family 
        housing or military unaccompanied housing located in the United 
        States which is constructed and used exclusively as military 
        housing (within the meaning of chapter 169 of title 10, United 
        States Code) at all times during the compliance period.
            ``(4) Military family housing and military unaccompanied 
        housing.--The terms `military family housing' and `military 
        unaccompanied housing' have the same meanings as when used in 
        subchapter IV of chapter 169 of title 10, United States 
        Code.''.
    (b) Use of Tax Exempt Bonds for Military Housing Projects.--
            (1) In general.--Subsection (d) of section 142 of such Code 
        (relating to exempt facility bonds) is amended by redesignating 
        paragraph (7) as paragraph (8) and by inserting after paragraph 
        (6) the following new paragraph:
            ``(7) Special rule for qualified military housing 
        projects.--For purposes of paragraph (1)--
                    ``(A) In general.--A qualified military housing 
                project shall be treated as a qualified residential 
                rental project.
                    ``(B) Qualified military housing project defined.--
                The term `qualified military housing project' means a 
                project for military family housing or military 
                unaccompanied housing located in the United States 
                which is constructed and used exclusively as military 
                housing (within the meaning of chapter 169 of title 10, 
                United States Code) at all times during the qualified 
                project period.''.
            (2) Priority among residential rental housing projects.--
        Section 146 of such Code (relating to the volume cap) is 
        amended by adding at the end the following new subsection:
    ``(n) Priority Among Residential Rental Housing Projects.--An 
issuer shall not allocate an amount for a qualified military housing 
project (within the meaning of section 142(d)(7)) for a year unless the 
issuer certifies that such amount is not needed for residential rental 
projects that are not qualified military housing projects for that 
year.''.
    (c) Effective Date.--The amendments made by this section shall 
apply to buildings placed in service and bonds issued after December 
31, 1999.
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