[Congressional Bills 116th Congress]
[From the U.S. Government Publishing Office]
[S. 4078 Introduced in Senate (IS)]

<DOC>






116th CONGRESS
  2d Session
                                S. 4078

 To amend the Internal Revenue Code of 1986 to improve the low-income 
     housing credit and provide relief relating to the coronavirus 
                   emergency, and for other purposes.


_______________________________________________________________________


                   IN THE SENATE OF THE UNITED STATES

                             June 25, 2020

   Mr. Wyden (for himself, Ms. Cantwell, Mr. Bennet, and Mr. Cardin) 
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 improve the low-income 
     housing credit and provide relief relating to the coronavirus 
                   emergency, and for other purposes.

    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 ``Emergency Affordable Housing Act of 
2020''.

SEC. 2. EXTENSION OF PERIOD FOR REHABILITATION EXPENDITURES.

    (a) In General.--Clause (ii) of section 42(e)(3)(A) of the Internal 
Revenue Code of 1986 is amended by inserting ``(any 36-month period, in 
the case of buildings receiving an allocation of housing credit dollar 
amount before January 1, 2022)'' after ``24-month period''.
    (b) Conforming Amendment.--Subparagraph (A) of section 42(e)(4) of 
the Internal Revenue Code of 1986 is amended by inserting ``(or 36-
month period, if applicable)'' after ``24-month period''.
    (c) Effective Date.--The amendments made by this section shall 
apply to buildings receiving an allocation of housing credit dollar 
amount after December 31, 2016.

SEC. 3. EXTENSION OF BASIS EXPENDITURE DEADLINE.

    (a) In General.--Clause (i) of section 42(h)(1)(E) of the Internal 
Revenue Code of 1986 is amended by inserting ``(the third calendar 
year, in the case of an allocation made before January 1, 2022)'' after 
``second calendar year''.
    (b) Qualified Building.--Clause (ii) of section 42(h)(1)(E) of the 
Internal Revenue Code of 1986 is amended--
            (1) by striking ``the date which is 1 year after the date 
        that the allocation was made'' and inserting ``the applicable 
        date'';
            (2) by inserting ``(or third, if applicable)'' after 
        ``second'' in the first sentence;
            (3) by inserting ``(or third)'' after ``second'' in the 
        second sentence;
            (4) by striking ``building.--For purposes of'' and 
        inserting ``building.--
                                    ``(I) In general.--For purposes 
                                of''; and
            (5) by adding at the end the following new subclause:
                                    ``(II) Applicable date.--For 
                                purposes of subclause (I), the 
                                applicable date is 1 year after the 
                                date that the allocation was made with 
                                respect to the building (2 years, in 
                                the case of allocations made before 
                                January 1, 2022).''.
    (c) Effective Date.--The amendments made by this section shall 
apply to buildings receiving an allocation of housing credit dollar 
amount after December 31, 2016.

SEC. 4. TAX-EXEMPT BOND FINANCING REQUIREMENT.

    (a) In General.--Subparagraph (B) of section 42(h)(4) of the 
Internal Revenue Code of 1986 is amended by adding at the end the 
following: ``In the case of buildings financed by an obligation issued 
in calendar years ending before January 1, 2022, the preceding sentence 
shall be applied by substituting `25 percent' for `50 percent'.''.
    (b) Effective Date.--The amendment made by this section shall apply 
to buildings placed in service in taxable years beginning after 
December 31, 2019.

SEC. 5. MINIMUM CREDIT RATE.

    (a) In General.--Subsection (b) of section 42 of the Internal 
Revenue Code of 1986 is amended--
            (1) by redesignating paragraph (3) as paragraph (4); and
            (2) by inserting after paragraph (2) the following new 
        paragraph:
            ``(3) Minimum credit rate.--In the case of any new or 
        existing building to which paragraph (2) does not apply, the 
        applicable percentage shall not be less than 4 percent.''.
    (b) Effective Date.--The amendments made by this section shall 
apply to buildings which receive allocations of housing credit dollar 
amount or, in the case of projects financed by tax-exempt bonds as 
described in section 42(h)(4) of the Internal Revenue Code of 1986, 
which are placed in service by the taxpayer after January 20, 2020.

SEC. 6. INCREASES IN STATE ALLOCATIONS.

    (a) In General.--Clause (ii) of section 42(h)(3)(C) of the Internal 
Revenue Code of 1986 is amended--
            (1) by striking ``$1.75'' in subclause (I) and inserting 
        ``$4.56 ($3.58 in the case of calendar year 2021)''; and
            (2) by striking ``$2,000,000'' in subclause (II) and 
        inserting ``$5,214,051 ($4,097,486 in the case of calendar year 
        2021)''.
    (b) Cost-of-Living Adjustment.--Subparagraph (H) of section 
42(h)(3) of the Internal Revenue Code of 1986 is amended--
            (1) by striking ``2002'' in clause (i) and inserting 
        ``2020'';
            (2) by striking ``the $2,000,000 and $1.75 amounts in 
        subparagraph (C)'' in clause (i) and inserting ``the dollar 
        amounts applicable to such calendar year under subclauses (I) 
        and (II) of subparagraph (C)(ii)'';
            (3) by striking ``2001'' in clause (i)(II) and inserting 
        ``2019'';
            (4) by striking ``$2,000,000 amount'' in clause (ii)(I) and 
        inserting ``amount under subparagraph (C)(ii)(II)''; and
            (5) by striking ``$1.75 amount'' in clause (ii)(II) and 
        inserting ``amount under subparagraph (C)(ii)(I)''.
    (c) Effective Date.--The amendments made by this section shall 
apply to calendar years beginning after December 31, 2020.

SEC. 7. INCREASE IN CREDIT FOR CERTAIN PROJECTS DESIGNATED TO SERVE 
              EXTREMELY LOW-INCOME HOUSEHOLDS.

    (a) In General.--Paragraph (5) of section 42(d) of the Internal 
Revenue Code of 1986 is amended by adding at the end the following new 
subparagraph:
                    ``(C) Increase in credit for projects designated to 
                serve extremely low-income households.--In the case of 
                any building--
                            ``(i) 20 percent or more of the residential 
                        units in which are rent-restricted (determined 
                        as if the imputed income limitation applicable 
                        to such units were 30 percent of area median 
                        gross income) and are designated by the 
                        taxpayer for occupancy by households the 
                        aggregate household income of which does not 
                        exceed the greater of--
                                    ``(I) 30 percent of area median 
                                gross income, or
                                    ``(II) 100 percent of an amount 
                                equal to the Federal poverty line 
                                (within the meaning of section 
                                36B(d)(3)), and
                            ``(ii) which is designated by the housing 
                        credit agency as requiring the increase in 
                        credit under this subparagraph in order for 
                        such building to be financially feasible as 
                        part of a qualified low-income housing project,
                subparagraph (B) shall not apply to the portion of such 
                building which is comprised of such units, and the 
                eligible basis of such portion of the building shall be 
                150 percent of such basis determined without regard to 
                this subparagraph.''.
    (b) Reserved State Allocation.--Subparagraph (C) of section 
42(h)(3) of the Internal Revenue Code of 1986 is amended--
            (1) by striking ``plus'' at the end of clause (iii);
            (2) by striking the period at the end of clause (iv) and 
        inserting ``, plus'';
            (3) by inserting after clause (iv) the following new 
        clause:
                            ``(v) an amount equal to 10 percent of the 
                        sum of the amounts determined under clauses 
                        (i), (ii), (iii), and (iv) (if any).''; and
            (4) by adding at the end the following: ``Any amount 
        allocated pursuant to clause (v) shall be accounted for 
        separately and shall be allocated only to buildings to which 
        subsection (d)(5)(C) applies.''.
    (c) Effective Date.--The amendments made by this section shall 
apply to buildings which receive allocations of housing credit dollar 
amount or, in the case of projects financed by tax-exempt bonds as 
described in section 42(h)(4) of the Internal Revenue Code of 1986, 
which receive a determination of housing credit dollar amount, after 
the date of the enactment of this Act.

SEC. 8. INCLUSION OF INDIAN AREAS AS DIFFICULT DEVELOPMENT AREAS FOR 
              PURPOSES OF CERTAIN BUILDINGS.

    (a) In General.--Subclause (I) of section 42(d)(5)(B)(iii) of the 
Internal Revenue Code of 1986 is amended by inserting before the period 
the following: ``, and any Indian area''.
    (b) Indian Area.--Clause (iii) of section 42(d)(5)(B) of the 
Internal Revenue Code of 1986 is amended by redesignating subclause 
(II) as subclause (IV) and by inserting after subclause (I) the 
following new subclauses:
                                    ``(II) Indian area.--For purposes 
                                of subclause (I), the term `Indian 
                                area' means any Indian area (as defined 
                                in section 4(11) of the Native American 
                                Housing Assistance and Self 
                                Determination Act of 1996 (25 U.S.C. 
                                4103(11))).
                                    ``(III) Special rule for buildings 
                                in indian areas.--In the case of an 
                                area which is a difficult development 
                                area solely because it is an Indian 
                                area, a building shall not be treated 
                                as located in such area unless such 
                                building is assisted or financed under 
                                the Native American Housing Assistance 
                                and Self Determination Act of 1996 (25 
                                U.S.C. 4101 et seq.) or the project 
                                sponsor is an Indian tribe (as defined 
                                in section 45A(c)(6)), a tribally 
                                designated housing entity (as defined 
                                in section 4(22) of such Act (25 U.S.C. 
                                4103(22))), or wholly owned or 
                                controlled by such an Indian tribe or 
                                tribally designated housing entity.''.
    (c) Effective Date.--The amendments made by this section shall 
apply to buildings placed in service after December 31, 2019.

SEC. 9. INCLUSION OF RURAL AREAS AS DIFFICULT DEVELOPMENT AREAS.

    (a) In General.--Subclause (I) of section 42(d)(5)(B)(iii) of the 
Internal Revenue Code of 1986, as amended by section 8, is amended by 
inserting ``, any rural area'' after ``median gross income''.
    (b) Rural Area.--Clause (iii) of section 42(d)(5)(B) of the 
Internal Revenue Code of 1986, as amended by section 8, is further 
amended by redesignating subclause (IV) as subclause (V) and by 
inserting after subclause (III) the following new subclause:
                                    ``(IV) Rural area.--For purposes of 
                                subclause (I), the term `rural area' 
                                means any non-metropolitan area, or any 
                                rural area as defined by section 520 of 
                                the Housing Act of 1949, which is 
                                identified by the qualified allocation 
                                plan under subsection (m)(1)(B).''.
    (c) Effective Date.--The amendments made by this section shall 
apply to buildings placed in service after December 31, 2019.

SEC. 10. INCREASE IN CREDIT FOR BOND-FINANCED PROJECTS DESIGNATED BY 
              HOUSING CREDIT AGENCY.

    (a) In General.--Clause (v) of section 42(d)(5)(B) of the Internal 
Revenue Code of 1986 is amended by striking the second sentence.
    (b) Technical Amendment.--Clause (v) of section 42(d)(5)(B) of the 
Internal Revenue Code of 1986, as amended by subsection (a), is further 
amended--
            (1) by striking ``State'' in the heading; and
            (2) by striking ``State housing credit agency'' and 
        inserting ``housing credit agency''.
    (c) Effective Date.--The amendments made by this section shall 
apply to buildings which receive a determination of housing credit 
dollar amount after the date of the enactment of this Act.

SEC. 11. REPEAL OF QUALIFIED CONTRACT OPTION.

    (a) Termination of Option for Certain Buildings.--
            (1) In general.--Subclause (II) of section 42(h)(6)(E)(i) 
        of the Internal Revenue Code of 1986 is amended by inserting 
        ``in the case of a building described in clause (iii),'' before 
        ``on the last day''.
            (2) Buildings described.--Subparagraph (E) of section 
        42(h)(6) of such Code is amended by adding at the end the 
        following new clause:
                            ``(iii) Buildings described.--A building 
                        described in this clause is a building--
                                    ``(I) which received its allocation 
                                of housing credit dollar amount before 
                                January 1, 2020, or
                                    ``(II) in the case of a building 
                                any portion of which is financed as 
                                described in paragraph (4), which 
                                received before January 1, 2020, a 
                                determination from the issuer of the 
                                tax-exempt bonds or the housing credit 
                                agency that the building is eligible to 
                                receive an allocation of housing credit 
                                dollar amount under the rules of 
                                paragraphs (1) and (2) of subsection 
                                (m).''.
    (b) Rules Relating to Existing Projects.--Subparagraph (F) of 
section 42(h)(6) of the Internal Revenue Code of 1986 is amended by 
striking ``the nonlow-income portion'' and all that follows and 
inserting ``the nonlow-income portion and the low-income portion of the 
building for fair market value (determined by the housing credit agency 
by taking into account the rent restrictions required for the low-
income portion of the building to continue to meet the standards of 
paragraphs (1) and (2) of subsection (g)). The Secretary shall 
prescribe such regulations as may be necessary or appropriate to carry 
out this paragraph.''.
    (c) Conforming Amendments.--
            (1) Paragraph (6) of section 42(h) of the Internal Revenue 
        Code of 1986 is amended by striking subparagraph (G) and by 
        redesignating subparagraphs (H), (I), (J), and (K) as 
        subparagraphs (G), (H), (I), and (J), respectively.
            (2) Subclause (II) of section 42(h)(6)(E)(i) of such Code, 
        as amended by subsection (a), is further amended by striking 
        ``subparagraph (I)'' and inserting ``subparagraph (H)''.
    (d) Technical Amendment.--Subparagraph (I) of section 42(h)(6) of 
the Internal Revenue Code of 1986, as redesignated by subsection (c), 
is amended by striking ``agreement'' and inserting ``commitment''.
    (e) Effective Date.--The amendments made by this section shall 
apply to buildings with respect to which a written request described in 
section 42(h)(6)(H) of the Internal Revenue Code of 1986 is submitted 
after the date of the enactment of this Act.

SEC. 12. PROHIBITION OF LOCAL APPROVAL AND CONTRIBUTION REQUIREMENTS.

    (a) In General.--Paragraph (1) of section 42(m) of the Internal 
Revenue Code of 1986 is amended--
            (1) by striking clause (ii) of subparagraph (A) and by 
        redesignating clauses (iii) and (iv) thereof as clauses (ii) 
        and (iii); and
            (2) by adding at the end the following new subparagraph:
                    ``(E) Local approval or contribution not taken into 
                account.--The selection criteria under a qualified 
                allocation plan shall not include consideration of--
                            ``(i) any support or opposition with 
                        respect to the project from local or elected 
                        officials, or
                            ``(ii) any local government contribution to 
                        the project, except to the extent such 
                        contribution is taken into account as part of a 
                        broader consideration of the project's ability 
                        to leverage outside funding sources, and is not 
                        prioritized over any other source of outside 
                        funding.''.
    (b) Effective Date.--The amendments made by this section shall 
apply to allocations of housing credit dollar amounts made after 
December 31, 2020.

SEC. 13. ADJUSTMENT OF CREDIT TO PROVIDE RELIEF DURING COVID-19 
              OUTBREAK.

    (a) In General.--At the election of a taxpayer who is an owner of 
an eligible low-income building--
            (1) the credit determined under section 42 of the Internal 
        Revenue Code of 1986 for the first or second taxable year of 
        such building's credit period ending on or after July 1, 2020, 
        shall be 150 percent of the amount which would (but for this 
        subsection) be so allowable with respect to such building for 
        such taxable year; and
            (2) the aggregate credits allowable under such section with 
        respect to such building shall be reduced, on a pro rata basis 
        for each subsequent taxable year in the credit period, by the 
        increase in the credit allowed by reason of paragraph (1) with 
        respect to such first or second taxable year.
The preceding sentence shall not be construed to affect whether any 
taxable year is part of the credit, compliance, or extended use periods 
for purposes of such section 42.
    (b) Eligible Low-Income Building.--For purposes of this section, 
the term ``eligible low-income building'' means a qualified low-income 
building with respect to which--
            (1) the first year in the credit period ends on or after 
        July 1, 2020, and before July 1, 2022; and
            (2) construction or leasing delays have occurred after 
        January 31, 2020, due to the outbreak of coronavirus disease 
        2019 (COVID-19) in the United States.
    (c) Election.--
            (1) In general.--The election under subsection (a) shall be 
        made at such time and in such manner as shall be prescribed by 
        the Secretary of the Treasury (or the Secretary's delegate) 
        and, once made, shall be irrevocable by the taxpayer and any 
        successor in ownership.
            (2) Partnerships.--In the case of an eligible low-income 
        building owned by a partnership or S corporation, such election 
        shall be made at the entity level.
            (3) Certification.--An owner making such election shall 
        provide to the housing credit agency, at the same time and in 
        addition to such other information as may be required under 
        section 42(l)(1) of the Internal Revenue Code of 1986 with 
        respect to the building, a certification that the purpose of 
        making such election is to offset any reductions in capital or 
        additional costs arising by reason of the outbreak of 
        coronavirus disease 2019 (COVID-19) in the United States. Such 
        certification shall include any documentation which the housing 
        credit agency may request.
    (d) Definitions.--Any term used in this section which is also used 
in section 42 of the Internal Revenue Code of 1986 shall have the same 
meaning as when used in such section.

SEC. 14. CREDIT FOR LOW-INCOME HOUSING SUPPORTIVE SERVICES.

    (a) In General.--Subpart D of part IV of subchapter A of chapter 1 
of the Internal Revenue Code of 1986 is amended by inserting after 
section 42 the following new section:

``SEC. 42A. CREDIT FOR CONTRIBUTIONS TO LOW-INCOME HOUSING SUPPORTIVE 
              SERVICES.

    ``(a) In General.--For purposes of section 38, the amount of the 
low-income housing supportive services credit determined under this 
section for the applicable taxable year is an amount equal to 25 
percent of the qualified supportive housing contribution made by the 
taxpayer.
    ``(b) Qualified Supportive Housing Contribution.--For purposes of 
this section--
            ``(1) In general.--The term `qualified supportive housing 
        contribution' means the total amount contributed in cash by the 
        taxpayer to a qualified supportive housing reserve fund with 
        respect to a qualified low-income building, determined as of 
        the date the building is placed in service.
            ``(2) Qualified supportive housing reserve fund.--The term 
        `qualified supportive housing reserve fund' means, with respect 
        to any qualified low-income building, a separate fund reserved 
        exclusively for payment for qualified supportive services 
        provided to tenants of the building pursuant to an extended 
        supportive services commitment. The owner of such building 
        shall designate an administrator to separately account for the 
        amounts in the fund in such manner as the Secretary may 
        prescribe.
            ``(3) Limitations.--
                    ``(A) In general.--No amount attributable to any 
                governmental grant, including grants provided by the 
                government of any State, possession, tribe, or 
                locality, shall be taken into account under paragraph 
                (1).
                    ``(B) Dollar limitation.--The total qualified 
                supportive housing contributions taken into account 
                under this section with respect to any qualified low-
                income building shall not exceed--
                            ``(i) $120,000, multiplied by
                            ``(ii) the number of low-income units in 
                        the building which are occupied at the close of 
                        the applicable taxable year.
    ``(c) Applicable Taxable Year.--For purposes of this section, the 
term `applicable taxable year' means the first taxable year in the 
credit period with respect to the qualified low-income building 
described in subsection (b)(1).
    ``(d) Qualified Supportive Services.--For purposes of this section, 
the term `qualified supportive services' means services--
            ``(1) provided by the owner of a qualified low-income 
        building (directly or through contracts with a third party 
        service provider) to tenants of the building,
            ``(2) which include health services (including mental 
        health services), coordination of tenant benefits, job 
        training, financial counseling, resident engagement services, 
        or services the principal purpose of which is to help tenants 
        retain permanent housing, or such other services as the 
        Secretary may by regulation provide,
            ``(3) which are provided at no cost to tenants, and
            ``(4) usage of or participation in which is not required 
        for tenants.
Such term includes reasonable and necessary measures for the provision 
of such services, including measures to engage tenants in and 
coordinate such services and measures required to obtain the 
certification described in subsection (e)(4).
    ``(e) Extended Supportive Services Commitment.--The term `extended 
supportive services commitment' means any agreement between the owner 
of a qualified low-income building and the housing credit agency 
which--
            ``(1) requires that amounts in a qualified supportive 
        housing reserve fund are spent exclusively on the provision of 
        qualified supportive services to tenants of such building,
            ``(2) requires that the amounts in such fund be spent 
        entirely during the extended use period, and provides for the 
        manner in which such spending will be distributed across such 
        period,
            ``(3) requires the designation of one or more individuals 
        to engage tenants regarding and coordinate delivery of 
        qualified supportive services,
            ``(4) requires the maintenance of an appropriate 
        certification, as determined by the Secretary in consultation 
        with the housing credit agencies, for qualified supportive 
        services, subject to recertification at least once every 5 
        years,
            ``(5) requires appropriate annual reporting to the housing 
        credit agency on expenditures and outcomes, as determined by 
        such agency, and
            ``(6) is binding on all successors in ownership of such 
        building.
    ``(f) Recapture of Qualified Supportive Housing Reserve Amounts.--
            ``(1) In general.--If the owner of a qualified low-income 
        building is determined to be noncompliant with the extended 
        supportive services commitment or extended low-income housing 
        commitment with respect to such building, any remaining amounts 
        in the qualified supportive housing reserve fund with respect 
        to such building shall be transferred to the housing credit 
        agency.
            ``(2) Use of repayments.--A housing credit agency shall use 
        any amount received pursuant to paragraph (1) only for purposes 
        of qualified low-income buildings.
    ``(g) Special Rules.--
            ``(1) In general.--Notwithstanding any other provision of 
        this section, no credit shall be allowed under this section for 
        any taxable year with respect to any qualified low-income 
        building unless--
                    ``(A) the building has received an allocation of 
                the low-income housing credit under section 42 by a 
                housing credit agency which is approved by the 
                governmental unit (in accordance with rules similar to 
                the rules of section 147(f)(2) (other than subparagraph 
                (B)(ii) thereof)) of which such agency is a part,
                    ``(B) the housing credit agency sets forth 
                selection criteria to determine appropriate, evidence-
                based supportive services and provides a procedure that 
                the agency (or an agent or other private contractor of 
                such agency) will follow in monitoring for 
                noncompliance with the provisions of this section and 
                in reporting such noncompliance to the Secretary,
                    ``(C) an extended low-income housing commitment is 
                in effect with respect to such building as of the end 
                of such taxable year,
                    ``(D) an extended supportive services commitment is 
                in effect with respect to such building as of the end 
                of such taxable year, and
                    ``(E) appropriate books and records for itemized 
                expenses and expenditures with respect to the qualified 
                supportive housing reserve fund are maintained on an 
                annual basis, and are available for inspection upon 
                request by the housing credit agency.
            ``(2) Denial of double benefit.--The deductions otherwise 
        allowed under this chapter for the taxable year shall be 
        reduced by the amount of the credit allowed under this section 
        for such taxable year.
    ``(h) Definitions.--Any term used in this section which is also 
used in section 42 shall have the same meaning as when used in such 
section.''.
    (b) Credit To Be Part of General Business Credit.--
            (1) In general.--Section 38(b) of the Internal Revenue Code 
        of 1986 is amended by striking ``plus'' at the end of paragraph 
        (32), by striking the period at the end of paragraph (33) and 
        inserting ``, plus'', and by adding at the end the following 
        new paragraph:
            ``(34) the low-income housing supportive services credit 
        determined under section 42A(a).''.
            (2) Treatment as specified credit.--Clause (iii) of section 
        38(c)(4)(B) of such Code is amended by inserting ``, and the 
        credit determined under section 42A'' after ``2007''.
    (c) Treatment for Purposes of Tax on Base Erosion Payments.--
Paragraph (4) of section 59A(b) of the Internal Revenue Code of 1986 is 
amended by redesignating subparagraphs (B) and (C) as subparagraphs (C) 
and (D), respectively, and by inserting after subparagraph (A) the 
following new subparagraph:
                    ``(B) the low-income housing supportive services 
                credit determined under section 42A(a),''.
    (d) Passive Activity Credits.--
            (1) In general.--Section 469 of the Internal Revenue Code 
        of 1986 is amended by striking ``42'' each place it appears in 
        subsections (i)(3)(C), (i)(6)(B)(i), and (k)(1) and inserting 
        ``42 or 42A''.
            (2) Conforming amendments.--The headings of subsections 
        (i)(3)(C) and (i)(6)(B) of section 469 of such Code are each 
        amended by striking ``credit'' and inserting ``credits''.
    (e) Clerical Amendment.--The table of sections for subpart D of 
part IV of subchapter A of chapter 1 of the Internal Revenue Code of 
1986 is amended by inserting after the item relating to section 42 the 
following new item:

``Sec. 42A. Credit for contributions to low-income housing supportive 
                            services.''.
    (f) Effective Date.--The amendments made by this section shall 
apply to buildings placed in service after December 31, 2020.
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