[Congressional Bills 112th Congress]
[From the U.S. Government Publishing Office]
[S. 3494 Introduced in Senate (IS)]

112th CONGRESS
  2d Session
                                S. 3494

To amend the Internal Revenue Code of 1986 to qualify formerly homeless 
   individuals who are full-time students for purposes of low income 
                          housing tax credit.


_______________________________________________________________________


                   IN THE SENATE OF THE UNITED STATES

                             August 2, 2012

Mr. Franken (for himself, Mrs. Murray, and Mr. Menendez) 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 qualify formerly homeless 
   individuals who are full-time students for purposes of low income 
                          housing tax credit.

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

SECTION 1. FORMERLY HOMELESS INDIVIDUALS WHO ARE FULL-TIME STUDENTS 
              QUALIFIED FOR PURPOSES OF LOW INCOME HOUSING TAX CREDIT.

    (a) In General.--Clause (i) of section 42(i)(3)(D) of the Internal 
Revenue Code of 1986 is amended by redesignating subclauses (II) and 
(III) as subclauses (III) and (IV), respectively, and by inserting 
after subclause (I) the following new subclause:
                                    ``(II) a full-time student who, 
                                during any portion of the 5-year period 
                                ending with the commencement of such 
                                individual's continuous occupation of 
                                any low-income unit or units, was an 
                                individual described in section 725(2) 
                                of the McKinney-Vento Homeless 
                                Assistance Act (42 U.S.C. 11434a), 
                                determined without regard to age,''.
    (b) Effective Date.--The amendments made by subsection (a) shall 
apply to determinations made before, on, or after the date of the 
enactment of this Act.
                                 <all>