[Congressional Bills 110th Congress]
[From the U.S. Government Publishing Office]
[H.R. 6811 Introduced in House (IH)]







110th CONGRESS
  2d Session
                                H. R. 6811

 To amend the Internal Revenue Code of 1986 to provide incentives for 
   building homeless shelters in areas warranting assistance due to 
                   Presidentially declared disasters.


_______________________________________________________________________


                    IN THE HOUSE OF REPRESENTATIVES

                             August 1, 2008

Mr. Jefferson 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 incentives for 
   building homeless shelters in areas warranting assistance due to 
                   Presidentially declared disasters.

    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 ``Duncan Plaza Homeless Disaster 
Relief Act of 2008''.

SEC. 2. NO-INCOME HOUSING CREDITS FOR AREA WARRANTING ASSISTANCE DUE TO 
              PRESIDENTIALLY DECLARED DISASTERS.

    (a) In General.--Subchapter Y of chapter 1 of the Internal Revenue 
Code of 1986 (relating to short-term regional benefits) is amended by 
adding at the end the following new section:

    ``PART III--TAX BENEFITS FOR AREAS WARRANTING ASSISTANCE DUE TO 
                   PRESIDENTIALLY DECLARED DISASTERS

``Sec. 1400U. No-income housing credits for area warranting assistance 
                            due to Presidentially declared disasters.

``SEC. 1400U. NO-INCOME HOUSING CREDITS FOR AREA WARRANTING ASSISTANCE 
              DUE TO PRESIDENTIALLY DECLARED DISASTERS.

    ``(a) In General.--In the case of a building--
            ``(1) located within an area determined by the President to 
        warrant individual or individual and public assistance from the 
        Federal Government under the Robert T. Stafford Disaster Relief 
        and Emergency Assistance Act, and
            ``(2) placed in service during the 5-year period beginning 
        on the date of such determination,
section 42 shall be applied with the modifications set forth in 
subsection (b).
    ``(b) Modifications.--For purposes of subsection (a), section 42 
shall be applied as follows:
            ``(1) Homeless shelters treated as qualified low-income 
        building.--
                    ``(A) In general.--The term `qualified low-income 
                housing project' shall include any project, if elected 
                by the taxpayer, for a shelter which is used to provide 
                temporary living accommodations for homeless 
                individuals (within the meaning of section 103 of the 
                Stewart B. McKinney Homeless Assistance Act (42 U.S.C. 
                11302)).
                    ``(B) Election irrevocable.--Any election under 
                this paragraph, once made, shall be irrevocable. For 
                purposes of this paragraph, any property shall not be 
                treated as failing to be such a shelter merely because 
                part of the building in which such property is located 
                is used for purposes other than as such a shelter.
            ``(2) Qualified basis.--In the case of a qualified low-
        income building with respect to which an election has been made 
        under paragraph (1)--
                    ``(A) the qualified basis of such building for any 
                taxable year shall be increased by so much of the 
                eligible basis of such building as is used throughout 
                the year as such a shelter, and
                    ``(B) subparagraph (E) of section 42(c)(1) 
                (relating to qualified basis to include portion of 
                building used to provide supportive services for 
                homeless) shall not apply.
            ``(3) Treated as residential rental property in determining 
        adjusted basis.--A qualified low-income building described in 
        paragraph (2) shall be treated as residential rental property 
        for purposes of section 42(d)(4)(A).''.
    (b) Clerical Amendment.--The table of parts for subchapter Y of 
chapter 1 of such Code is amended by inserting after the item relating 
to part II the following new item:

    ``Part III. Tax Benefits for Areas Warranting Assistance Due to 
                 Presidentially Declared Disasters.''.

    (c) Effective Date.--The amendments made by this section shall 
apply to buildings placed in service after the date of the enactment of 
this Act.
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