[Congressional Bills 106th Congress]
[From the U.S. Government Publishing Office]
[S. 1017 Introduced in Senate (IS)]







106th CONGRESS
  1st Session
                                S. 1017

   To amend the Internal Revenue Code of 1986 to increase the State 
               ceiling on the low-income housing credit.


_______________________________________________________________________


                   IN THE SENATE OF THE UNITED STATES

                              May 12, 1999

  Mr. Mack (for himself, Mr. Graham, Mr. Santorum, Mr. Sarbanes, Mr. 
Chafee, Mr. Bryan, Mr. Murkowski, Mr. Breaux, Mr. Jeffords, Mr. Kerrey, 
    Mr. Coverdell, Mr. Robb, Mr. Craig, Mr. Conrad, Mr. Shelby, Mr. 
 Rockefeller, Mr. Allard, Mr. Dodd, Mr. Grams, Mr. Johnson, Mr. Hagel, 
  Mr. Schumer, Mr. Crapo, Mr. Lieberman, Mr. Helms, Mr. Edwards, Mr. 
 Abraham, Mrs. Lincoln, Mr. Sessions, Mrs. Boxer, Mr. Hutchinson, Mrs. 
  Feinstein, Mr. Lugar, Mr. Wellstone, Ms. Snowe, Mr. Torricelli, Mr. 
  Specter, Mr. Dorgan, Mrs. Hutchison, Mr. Hollings, Mr. Thomas, Mr. 
  Daschle, Mr. Lautenberg, Mr. Kerry, and Mrs. Murray) 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 State 
               ceiling on the low-income housing credit.

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

SECTION 1. SHORT TITLE.

    This Act may be cited as the ``Affordable Housing Opportunity Act 
of 1999''.

SEC. 2. INCREASE IN STATE CEILING ON LOW-INCOME HOUSING CREDIT.

    (a) In General.--Clause (i) of section 42(h)(3)(C) 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.--
Paragraph (3) of section 42(h) of such Code (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 2000, 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 1999' for 
                                `calendar year 1992' in subparagraph 
                                (B) thereof.
                            ``(ii) Rounding.--If any increase under 
                        clause (i) is not a multiple of 5 cents, such 
                        increase shall be rounded to the next lowest 
                        multiple of 5 cents.''.
    (c) Effective Date.--The amendments made by this section shall 
apply to calendar years after 1999.
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