[Congressional Bills 109th Congress]
[From the U.S. Government Publishing Office]
[H.R. 2681 Introduced in House (IH)]






109th CONGRESS
  1st Session
                                H. R. 2681

  To amend the Internal Revenue Code of 1986 to rename the low-income 
 housing credit the affordable housing credit and to increase the per 
capita amount allowed in the determination of the State housing credit 
                                ceiling.


_______________________________________________________________________


                    IN THE HOUSE OF REPRESENTATIVES

                              May 26, 2005

 Mr. Jefferson (for himself, Mr. English of Pennsylvania, Mr. Rangel, 
Mrs. Johnson of Connecticut, Mr. Cardin, Mr. Foley, Mr. McDermott, Mr. 
   Lewis of Georgia, Mr. Becerra, Mrs. Jones of Ohio, Mr. Larson of 
 Connecticut, Mr. Abercrombie, Ms. Carson, Mrs. Christensen, Mr. Clay, 
   Mr. Cleaver, Mr. Conyers, Mr. Crowley, Mr. Cummings, Mr. Davis of 
Alabama, Mr. Davis of Illinois, Mr. Fattah, Mr. Frank of Massachusetts, 
Mr. Grijalva, Mr. Gutierrez, Mr. Hastings of Florida, Mr. Hinojosa, Ms. 
     Jackson-Lee of Texas, Ms. Eddie Bernice Johnson of Texas, Ms. 
   Kilpatrick of Michigan, Mrs. Maloney, Mr. Meeks of New York, Mr. 
  Menendez, Ms. Millender-McDonald, Mr. Miller of North Carolina, Mr. 
    George Miller of California, Mr. Moore of Kansas, Ms. Moore of 
   Wisconsin, Mr. Owens, Mr. Pallone, Mr. Payne, Mr. Price of North 
Carolina, Mr. Ross, Mr. Rush, Mr. Ryan of Ohio, Ms. Linda T. Sanchez of 
    California, Ms. Loretta Sanchez of California, Mr. Serrano, Mr. 
Thompson of Mississippi, Ms. Wasserman Schultz, Ms. Waters, Ms. Watson, 
  Mr. Wynn, and Mr. Cuellar) 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 rename the low-income 
 housing credit the affordable housing credit and to increase the per 
capita amount allowed in the determination of the State housing credit 
                                ceiling.

    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 Tax Credit 
Enhancement Act of 2005''.

SEC. 2. INCREASE IN PER CAPITA AMOUNT ALLOWED IN THE DETERMINATION OF 
              THE STATE HOUSING CREDIT CEILING; CREDIT RENAMED 
              AFFORDABLE HOUSING CREDIT.

    (a) In General.--Subclause (I) of section 42(h)(3)(C)(ii) of the 
Internal Revenue Code of 1986 (relating to state housing credit 
ceiling) is amended by striking ``$1.75 ($1.50 for 2001)'' and 
inserting ``$3.70''.
    (b) Conforming Amendment to Inflation Adjustment.--Subparagraph (H) 
of section 42(h)(3) of such Code (relating to cost-of-living 
adjustment) is amended--
            (1) in clause (i)--
                    (A) by striking ``2002'' and inserting ``2006'',
                    (B) by striking ``$1.75'' and inserting ``$3.70'', 
                and
                    (C) by striking ``calendar year 2001'' and 
                inserting ``calendar year 2005'', and
            (2) in subclause (II) of clause (ii) by striking ``$1.75'' 
        and inserting ``$3.70''.
    (c) Credit Renamed Affordable Housing Credit.--
            (1) The following provisions of such Code are each amended 
        by striking ``low-income housing credit'' and inserting 
        ``affordable housing credit'':
                    (A) Section 38(b)(5).
                    (B) Section 42(a).
                    (C) Subsections (a)(7) and (d)(5) of section 772.
            (2) The heading for section 42 of such Code is amended to 
        read as follows:

``SEC. 42. AFFORDABLE HOUSING CREDIT.''.

            (3) The item relating to section 42 in the table of 
        sections for subpart D of part IV of subchapter A of chapter 1 
        of such Code is amended to read as follows:

``Sec. 42. Affordable housing credit.''.
            (4) The headings for paragraphs (3)(D) and (6)(B) of 
        section 469(i) of such Code are both amended by striking ``low-
        income housing credit'' and inserting ``affordable housing 
        credit''.
    (d) Effective Date.--The amendments made by this section shall 
apply to taxable years beginning after December 31, 2005.
                                 <all>