II 112th CONGRESS 2d Session S. 3494 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.

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.