[Congressional Bills 114th Congress]
[From the U.S. Government Publishing Office]
[S. 1193 Introduced in Senate (IS)]

114th CONGRESS
  1st Session
                                S. 1193

To amend the Internal Revenue Code of 1986 to make permanent and expand 
the temporary minimum credit rate for the low-income housing tax credit 
                                program.


_______________________________________________________________________


                   IN THE SENATE OF THE UNITED STATES

                              May 5, 2015

  Ms. Cantwell (for herself, Mr. Roberts, Mr. Crapo, Mr. Franken, Ms. 
 Warren, Mr. Menendez, Mr. Whitehouse, Mr. Schumer, Mrs. Shaheen, Ms. 
  Hirono, Mrs. Gillibrand, Mr. Cardin, Mr. Leahy, Ms. Klobuchar, Mrs. 
    Boxer, Mr. King, Mr. Booker, Mrs. Murray, Mr. Blumenthal, Mrs. 
  Feinstein, Mr. Sanders, and Ms. Stabenow) 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 make permanent and expand 
the temporary minimum credit rate for the low-income housing tax credit 
                                program.

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

SECTION 1. TEMPORARY MINIMUM CREDIT RATE FOR THE LOW-INCOME HOUSING TAX 
              CREDIT PROGRAM MADE PERMANENT AND EXPANDED.

    (a) Minimum Credit Amount for New Buildings Made Permanent.--
Subparagraph (A) of section 42(b)(2) of the Internal Revenue Code of 
1986 is amended by striking ``with respect to housing credit dollar 
amount allocations made before January 1, 2015''.
    (b) Minimum Credit for Existing Buildings.--Subsection (b) of 
section 42 of such Code is amended by redesignating paragraph (3) as 
paragraph (4) and by inserting after paragraph (2) the following new 
paragraph:
            ``(3) Minimum credit for existing buildings.--In the case 
        of any existing building--
                    ``(A) which is placed in service by the taxpayer 
                after the date of the enactment of this paragraph, and
                    ``(B) which is not federally subsidized for the 
                taxable year,
        the applicable percentage shall not be less than 4 percent.''.
    (c) Conforming Amendment.--Section 42(b)(2) of such Code is amended 
by striking ``Temporary minimum'' and inserting ``Minimum''.
    (d) Effective Date.--The amendments made by this section shall 
apply to buildings placed in service after December 31, 2014.
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