[Congressional Bills 110th Congress]
[From the U.S. Government Publishing Office]
[S. 1241 Introduced in Senate (IS)]







110th CONGRESS
  1st Session
                                S. 1241

 To amend the Internal Revenue Code of 1986 to clarify student housing 
  eligible for the low-income housing credit, and for other purposes.


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                   IN THE SENATE OF THE UNITED STATES

                             April 26, 2007

 Mr. Grassley introduced the following bill; which was read twice and 
                  referred to the Committee on Finance

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                                 A BILL


 
 To amend the Internal Revenue Code of 1986 to clarify student housing 
  eligible for the low-income housing credit, and for other purposes.

    Be it enacted by the Senate and House of Representatives of the 
United States of America in Congress assembled,

SECTION 1. CLARIFICATION OF STUDENT HOUSING ELIGIBLE FOR LOW-INCOME 
              HOUSING CREDIT.

    (a) In General.--Subclause (I) of section 42(i)(3)(D)(ii) of the 
Internal Revenue Code of 1986 (relating to certain students not to 
disqualify unit) is amended to read as follows:
                                    ``(I) single parents and their 
                                children and such parents are not 
                                dependents (as defined in section 152, 
                                determined without regard to 
                                subsections (b)(1), (b)(2), and 
                                (d)(1)(B) thereof) of another 
                                individual and such children are not 
                                dependents (as so defined) of another 
                                individual other than a parent of such 
                                children, or''.
    (b) Effective Date.--The amendment made by this section shall apply 
to--
            (1) housing credit amounts allocated before, on, or after 
        the date of the enactment of this Act, and
            (2) buildings placed in service before, on, or after such 
        date to the extent paragraph (1) of section 42(h) of the 
        Internal Revenue Code of 1986 does not apply to any building by 
        reason of paragraph (4) thereof.
                                 <all>