[Congressional Record Volume 153, Number 68 (Thursday, April 26, 2007)]
[Senate]
[Page S5218]
From the Congressional Record Online through the Government Publishing Office [www.gpo.gov]

      By Mr. GRASSLEY:
  S. 1241. A bill to amend the Internal Revenue Code of 1986 to clarify 
student housing eligible for the low-income housing credit, and for 
other purposes; to the Committee on Finance.
  Mr. GRASSLEY. Mr. President, I ask unanimous consent that a bill 
introduced by me today to amend the Internal Revenue Code of 1986 to 
clarify student housing eligible for the low-income housing credit, and 
for other purposes, be printed in the Reord.
  There being no objection, the text of the bill was ordered to be 
printed in the Record, as follows:

                                S. 1241

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

     SECTION 1. CLARIFICATION OF STUDENT HOUSING ELIGIBLE FOR LOW-
                   INCOME HOUSING CREDIT.

       (a) In General.--Subclause (I) of section 42(i)(3)(D)(ii) 
     of the Internal Revenue Code of 1986 (relating to certain 
     students not to disqualify unit) is amended to read as 
     follows:

       ``(I) single parents and their children and such parents 
     are not dependents (as defined in section 152, determined 
     without regard to subsections (b)(1), (b)(2), and (d)(1)(B) 
     thereof) of another individual and such children are not 
     dependents (as so defined) of another individual other than a 
     parent of such children, or.''

       (b) Effective Date.--The amendment made by this section 
     shall apply to--
       (1) housing credit amounts allocated before, on, or after 
     the date of the enactment of this Act, and
       (2) buildings placed in service before, on, or after such 
     date to the extent paragraph (1) of section 42(h) of the 
     Internal Revenue Code of 1986 does not apply to any building 
     by reason of paragraph (4) thereof.
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