[Congressional Bills 110th Congress]
[From the U.S. Government Publishing Office]
[H.R. 5967 Introduced in House (IH)]







110th CONGRESS
  2d Session
                                H. R. 5967

To amend the Internal Revenue Code of 1986 to provide for reallocation 
             of abandoned private activity bond volume cap.


_______________________________________________________________________


                    IN THE HOUSE OF REPRESENTATIVES

                              May 5, 2008

  Mr. Weiner 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 provide for reallocation 
             of abandoned private activity bond volume cap.

    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 Expansion Act of 
2008''.

SEC. 2. REALLOCATION OF UNUSED PRIVATE ACTIVITY BOND VOLUME CAP.

    (a) In General.--Subsection (d) of section 146 of the Internal 
Revenue Code of 1986 (relating to State ceiling) is amended by adding 
at the end the following new paragraph:
            ``(5) Reallocation of unused volume cap.--
                    ``(A) In general.--The State ceiling applicable to 
                any State for any calendar year shall be increased by 
                an amount equal to any amount allocated to the State 
                under subparagraph (B).
                    ``(B) Reallocation by secretary.--For purposes of 
                this paragraph--
                            ``(i) In general.--The unused volume cap 
                        for calendar year 2008, and each year 
                        thereafter, shall be assigned to the Secretary 
                        for allocation among qualified States for the 
                        succeeding calendar year.
                            ``(ii) Formula for allocation.--The amounts 
                        allocated to a qualified State under this 
                        subparagraph shall be the amount determined by 
                        the Secretary to bear the same ratio to the 
                        aggregate unused volume cap for the calendar 
                        year as such State's population for the 
                        calendar year bears to the population of all 
                        qualified States for the calendar year.
                    ``(C) Definitions.--For purposes of this 
                paragraph--
                            ``(i) Unused volume cap.--The term `unused 
                        volume cap' means, with respect to any calendar 
                        year, an amount equal to the sum of--
                                    ``(I) any carryforward not used by 
                                issuing authorities under subsection 
                                (f) which arose in the third calendar 
                                year preceding such calendar year, plus
                                    ``(II) the excess (if any) of each 
                                issuing authority's volume cap for such 
                                calendar year (determined without 
                                regard to any increase for such 
                                calendar year under subparagraph (A)), 
                                over the aggregate amount of tax-exempt 
                                private activity bonds issued during 
                                such calendar year by such authority 
                                (but only to the extent such issuing 
                                authority makes no election with 
                                respect to such excess under subsection 
                                (f)(1)).
                            ``(ii) Qualifying state.--The term 
                        `qualifying State' means, with respect to a 
                        calendar year, any State for which a request is 
                        made (not later than May 1 of the calendar 
                        year) to receive an increase under this 
                        paragraph.
                    ``(D) Treatment of 2001 through 2007 unused volume 
                cap.--The unused volume cap for calendar year 2008 
                (determined without regard to this subparagraph) shall 
                be increased by an amount equal to the sum of--
                            ``(i) any carryforward not used by issuing 
                        authorities under subsection (f) which arose in 
                        each of calendar years 1998 through 2004, plus
                            ``(ii) the excess (if any) described in 
                        subparagraph (C)(i)(II) for each of calendar 
                        years 2001 through 2007.''.
    (b) Conforming Amendment.--Subparagraph (A) of section 146(f)(1) of 
such Code is amended by inserting ``(determined without regard to any 
increase for the calendar year under subsection (d)(5))'' after 
``1985''.
    (c) Effective Date.--The amendments made by this section shall 
apply to bonds issued after December 31, 2008.
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