110 HR 5967 IH: Affordable Housing Expansion Act of U.S. House of Representatives 2008-05-05 text/xml EN Pursuant to Title 17 Section 105 of the United States Code, this file is not subject to copyright protection and is in the public domain.

I 110th CONGRESS 2d Session H. R. 5967 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.

1.

Short title

This Act may be cited as the Affordable Housing Expansion Act of 2008.

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.