[Congressional Bills 106th Congress]
[From the U.S. Government Publishing Office]
[S. 540 Introduced in Senate (IS)]







106th CONGRESS
  1st Session
                                 S. 540

  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 be treated for purposes of the low-
   income housing credit in the same manner as comparable assistance.


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                   IN THE SENATE OF THE UNITED STATES

                             March 4, 1999

   Mr. Johnson (for himself, Mr. Inhofe, Mr. Conrad, Mr. Kerry, Mr. 
   Daschle, Mr. Inouye, Mr. Wellstone, Mr. Sarbanes, Mr. Kerrey, Mr. 
 Kennedy, Mr. Dorgan, Mr. Reid, Mr. Baucus, Mr. Bryan, and Mrs. Boxer) 
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 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) in clause (i), by inserting ``or the Native American 
        Housing Assistance and Self-Determination Act of 1996 (25 
        U.S.C. 4101 et seq.) (as in effect on October 1, 1997)'' after 
        ``this subparagraph)'', and
            (2) in the subparagraph heading, by inserting ``or native 
        american housing assistance'' after ``home assistance''.
    (b) Effective Date.--The amendments made by subsection (a) shall 
apply to periods after the date of the enactment of this Act.
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