Summary: H.R.5150 — 102nd Congress (1991-1992)All Information (Except Text)

There is one summary for H.R.5150. Bill summaries are authored by CRS.

Shown Here:
Introduced in House (05/13/1992)

Tax Extension Act of 1992 - Amends the Internal Revenue Code to make the low-income housing credit permanent law. Modifies the rule for unused housing credit carryovers allocated among certain States. Expands the ten-year anti-churning rule waiver to certain projects substantially assisted, financed, or operated under the National Housing Act. Allows units occupied by certain full-time students to qualify for such credit. Authorizes the Treasury Department to waive penalties for certain de minimis errors and recertifications. Excludes assistance under the HOME Investment Partnerships Act from the definition whether a building is federally subsidized. Permits the use of tax-exempt bond financing for such purposes.

Provides for State housing credit agencies to designate difficult development areas (in lieu of the Secretary of Housing and Urban Development).

Allows the use of the rehabilitation investment credit for qualified low-income buildings without regard to whether interior walls are preserved.

Prohibit discrimination against section 8 voucher holders in leasing units in qualified low-income buildings. Requires notice before termination of tenancy in such buildings.

Allows certain building owners to elect to use apartment size or family size in determining the low-income credit gross rent limitation.

Extends the following provisions from June 30, 1992, until December 31, 1993: (1) the authority to issue qualified mortgage bonds and qualified mortgage credit certificates; (2) the authority to issue qualified small issue bonds to finance manufacturing facilities and farm property; (3) employer-provided educational assistance; (4) the tax credit for increasing research activities; (5) the tax exclusion for employer-provided group legal services plans; (6) the targeted jobs credited; and (7) the credit for clinical testing expenses for certain drugs for rare diseases or conditions.

Provides for the tax treatment of resale price control and subsidy lien programs under mortgage revenue bond provisions. Excludes from the five-year occupancy requirement under the tax-exempt mortgage revenue bond program any two-family residence which: (1) is a targeted area residence; or (2) is located in an area designated as an economic development zone or enterprise zone by Federal or State law.

Suspends, for 1992 and 1993, the tax preference for the appreciated property charitable deduction.