II 110th CONGRESS 1st Session S. 1241 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 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.

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.