[Congressional Bills 109th Congress]
[From the U.S. Government Publishing Office]
[H.R. 1984 Introduced in House (IH)]






109th CONGRESS
  1st Session
                                H. R. 1984

  To amend the Internal Revenue Code of 1986 to extend the low-income 
        housing credit for certain buildings in high cost areas.


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                    IN THE HOUSE OF REPRESENTATIVES

                             April 28, 2005

 Mr. Gerlach 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 extend the low-income 
        housing credit for certain buildings in high cost areas.

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

SECTION 1. EXTENSION OF LOW-INCOME HOUSING CREDIT FOR CERTAIN BUILDINGS 
              IN HIGH COST AREAS.

    (a) In General.--Clause (i) of section 42(d)(5)(C) of the Internal 
Revenue Code of 1986 (relating to increase in credit for buildings in 
high cost areas) is amended to read as follows:
                            ``(i) In general.--In the case of any 
                        building located in a qualified census tract or 
                        difficult development area, or in the case of 
                        any building that provides a community service 
                        facility and is located within 1000 feet of a 
                        qualified census tract, which is designated for 
                        purposes of this subparagraph--
                                    ``(I) in the case of a new 
                                building, the eligible basis of such 
                                building shall be 130 percent of such 
                                basis determined without regard to this 
                                subparagraph, and
                                    ``(II) in the case of an existing 
                                building, the rehabilitation 
                                expenditures taken into account under 
                                subsection (e) shall be 130 percent of 
                                such expenditures determined without 
                                regard to this subparagraph.''.
    (b) Effective Date.--The amendments made by this section shall 
apply to--
            (1) housing credit dollar amounts allocated after December 
        31, 2004, and
            (2) buildings placed in service after such date to the 
        extent paragraph (1) of section 42(h) of the Internal Revenue 
        Code of 1986 does not apply to any building by reason of 
        paragraph (4) thereof, but only with respect to bonds issued 
        after such date.
                                 <all>