[Congressional Bills 119th Congress]
[From the U.S. Government Publishing Office]
[H.R. 9906 Introduced in House (IH)]

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119th CONGRESS
  2d Session
                                H. R. 9906

   To amend the Internal Revenue Code of 1986 to provide an elective 
 exception from the volume cap on tax-exempt bonds for certain exempt 
facility bonds for qualified residential rental projects, and for other 
                               purposes.


_______________________________________________________________________


                    IN THE HOUSE OF REPRESENTATIVES

                             July 23, 2026

 Mr. Goldman of New York (for himself and Ms. Malliotakis) introduced 
  the following bill; which was referred to the Committee on Ways and 
                                 Means

_______________________________________________________________________

                                 A BILL


 
   To amend the Internal Revenue Code of 1986 to provide an elective 
 exception from the volume cap on tax-exempt bonds for certain exempt 
facility bonds for qualified residential rental projects, 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 ``Federal Investment Exception for 
Essential Rehabilitation Act'' or the ``FIXER Act''.

SEC. 2. ELECTIVE EXCEPTION FROM VOLUME CAP ON TAX-EXEMPT BONDS FOR 
              CERTAIN EXEMPT FACILITY BONDS FOR QUALIFIED RESIDENTIAL 
              RENTAL PROJECTS.

    (a) Elective Exception From Volume Cap on Tax-Exempt Bonds.--
Section 146 of the Internal Revenue Code of 1986 is amended by adding 
at the end the following new subsection:
    ``(o) Elective Exception for Certain Exempt Facility Bonds for 
Qualified Residential Rental Projects.--
            ``(1) In general.--An issuing authority may elect (at such 
        time and in such manner as the Secretary may prescribe) to 
        exempt any bond described in paragraph (2) from such 
        authority's volume cap.
            ``(2) Bond described.--A bond described in this paragraph 
        is any exempt facility bond issued as part of an issue 
        described in section 142(a)(7) if 95 percent or more of the net 
        proceeds of the issue are used to preserve, improve, or 
        replace--
                    ``(A) any qualified low-income building (as defined 
                in section 42(c)(2)) the compliance period (as defined 
                in section 42(i)(1)) for which has closed, but the 
                extended use period (as defined in section 42(h)(6)(D)) 
                for which has not closed, before the issue date of such 
                issue,
                    ``(B) any federally assisted building (as defined 
                in section 42(d)(6)(C)(i)), or
                    ``(C) any State-assisted building (as defined in 
                section 42(d)(6)(C)(ii)).
            ``(3) Modified application of exception to prohibition on 
        acquisition of existing property.--In the case of any bond 
        exempted under paragraph (1), section 147(d) shall be applied 
        by substituting `50 percent' for `15 percent' both places it 
        appears.
            ``(4) Duration of election.--Any election under this 
        subsection, once made, shall be irrevocable.''.
    (b) Exception From Low-Income Housing Tax Credit Limitation.--
Section 42(h)(4) of such Code is amended by adding at the end the 
following new subparagraph:
                    ``(C) Exception for certain bonds exempt from 
                volume cap.--The requirement of subparagraph (A)(i) 
                shall be treated as met with respect to any obligation 
                which would, but for an election made under section 
                146(o), be taken into account under section 146.''.
    (c) Effective Date.--The amendments made by this section shall 
apply to bonds issued after the date of the enactment of this Act.
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