H.R.2990 - To amend the Internal Revenue Code of 1986 to increase the amount of low-income housing credits which may be allocated in each State, and to index such amount for inflation.105th Congress (1997-1998)
|Sponsor:||Rep. Ensign, John [R-NV-1] (Introduced 11/09/1997)|
|Committees:||House - Ways and Means|
|Latest Action:||House - 11/09/1997 Referred to the House Committee on Ways and Means. (All Actions)|
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Text: H.R.2990 — 105th Congress (1997-1998)All Information (Except Text)
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Introduced in House (11/09/1997)
[Congressional Bills 105th Congress] [From the U.S. Government Printing Office] [H.R. 2990 Introduced in House (IH)] 105th CONGRESS 1st Session H. R. 2990 To amend the Internal Revenue Code of 1986 to increase the amount of low-income housing credits which may be allocated in each State, and to index such amount for inflation. _______________________________________________________________________ IN THE HOUSE OF REPRESENTATIVES November 9, 1997 Mr. Ensign (for himself, Mr. Rangel, Mr. Lazio of New York, Mr. Christensen, Mr. Gibbons, Ms. Lofgren, Mr. English of Pennsylvania, Mr. Bachus, Mr. Riley, Mr. Callahan, Mr. Kennedy of Massachusetts, Mr. Mica, Mr. Everett, Mr. Thompson, Mr. Houghton, Mr. Weygand, Mr. Aderholt, Mr. Cardin, Mr. Hilliard, Mr. Cramer, Ms. Danner, Ms. Pelosi, Mr. Skelton, Mr. Diaz-Balart, Mr. Filner, Mr. Frost, Mr. Crapo, Mr. Adam Smith of Washington, Mr. Reyes, Mr. Neal of Massachusetts, Ms. Woolsey, and Mr. Kucinich) 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 increase the amount of low-income housing credits which may be allocated in each State, and to index such amount for inflation. Be it enacted by the Senate and House of Representatives of the United States of America in Congress assembled, SECTION 1. INCREASE IN STATE CEILING ON LOW-INCOME HOUSING CREDITS. (a) In General.--Section 42(h)(3)(C)(i) of the Internal Revenue Code of 1986 (relating to State housing credit ceiling) is amended by striking ``$1.25'' and inserting ``$1.75''. (b) Adjustment of State Ceiling for Increases in Cost-of-Living.-- Section 42(h)(3) of the Internal Revenue Code of 1986 (relating to housing credit dollar amount for agencies) is amended by adding at the end the following new subparagraph: ``(H) Cost-of-living adjustment.-- ``(i) In general.--In the case of a calendar year after 1998, the dollar amount contained in subparagraph (C)(i) shall be increased by an amount equal to-- ``(I) such dollar amount, multiplied by ``(II) the cost-of-living adjustment determined under section 1(f)(3) for such calendar year by substituting `calendar year 1997' for `calendar year 1992' in subparagraph (B) thereof. ``(ii) Rounding.--If any increase under clause (i) is not a multiple of $1, such increase shall be rounded to the next lowest multiple of $1.'' (c) Effective Date.--The amendments made by this section shall apply to calendar years after 1997. <all>