[Congressional Record Volume 149, Number 85 (Wednesday, June 11, 2003)]
[House]
[Page H5268]
From the Congressional Record Online through the Government Publishing Office [www.gpo.gov]




                               AMENDMENTS

  Under clause 8 of rule XVIII, proposed amendments were submitted as 
follows:

                               H.R. 1308

                          Offered By: Mr. King

       At an appropriate place insert the following:
       Amendment No. 1:

     SEC. ____. INCREASE IN HISTORIC REHABILITATION CREDIT FOR 
                   CERTAIN LOW-INCOME HOUSING FOR THE ELDERLY.

       (a) In General.--Section 47 (relating to rehabilitation 
     credit) is amended by adding at the end the following new 
     subsection:
       ``(e) Special Rule Regarding Certain Historic Structures.--
     In the case of any qualified rehabilitation expenditure with 
     respect to any certified historic structure--
       ``(1) which is placed in service after the date of the 
     enactment of this subsection,
       ``(2) which is part of a qualified low-income building with 
     respect to which a credit under section 42 is allowed, and
       ``(3) substantially all of the residential rental units of 
     which are used for tenants who have attained the age of 65, 
     subsection (a)(2) shall be applied by substituting `25 
     percent' for `20 percent'.''.
       (b) Application of MACRS.--The Internal Revenue Code of 
     1986 shall be applied and administered as if paragraph (4)(X) 
     of section 251(d) of the Tax Reform Act of 1986 as applied to 
     the amendments made by section 201 of such Act had not been 
     enacted with respect to any property described in such 
     paragraph and placed in service after the date of the 
     enactment of this Act.
       (c) Effective Date.--The amendment made by subsection (a) 
     shall apply to property placed in service after the date of 
     the enactment of this Act.