110 HR 6811 IH: Duncan Plaza Homeless Disaster Relief U.S. House of Representatives 2008-08-01 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. 6811 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.

1.

Short title

This Act may be cited as the Duncan Plaza Homeless Disaster Relief Act of 2008.

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: 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.

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.