[Congressional Bills 111th Congress]
[From the U.S. Government Publishing Office]
[S. 2827 Introduced in Senate (IS)]

111th CONGRESS
  1st Session
                                S. 2827

   To amend the Internal Revenue Code of 1986 to expand the military 
  housing allowance exclusion for purposes of determining area gross 
   income in determining whether a residential rental property is a 
   qualified residential rental property for purposes of the exempt 
                          facility bond rules.


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                   IN THE SENATE OF THE UNITED STATES

                            December 3, 2009

  Mr. Schumer 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 expand the military 
  housing allowance exclusion for purposes of determining area gross 
   income in determining whether a residential rental property is a 
   qualified residential rental property for purposes of the exempt 
                          facility bond rules.

    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 ``Military Families Affordable Homes 
Act''.

SEC. 2. EXPANSION OF MILITARY HOUSING ALLOWANCE EXCLUSION FOR 
              DETERMINING AREA MEDIAN GROSS INCOME FOR QUALIFIED 
              RESIDENTIAL RENTAL PROJECT EXEMPT FACILITY BONDS.

    (a) In General.--Subparagraph (B) of section 142(d)(2) of the 
Internal Revenue Code of 1986 is amended--
            (1) by striking ``qualified military installation to 
        which'' and all that follows through ``December 31, 2005'' in 
        clause (iii)(I) and inserting ``military installation or 
        facility'', and
            (2) by striking clause (iv).
    (b) Effective Date.--The amendments made by this section shall 
apply to determinations of the status of qualified residential rental 
projects for periods beginning after the date of the enactment of this 
Act, with respect to bonds issued before, on, or after such date.
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