Text: H.R.3661 — 112th Congress (2011-2012)All Information (Except Text)

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Introduced in House (12/14/2011)


112th CONGRESS
1st Session
H. R. 3661


To amend the Internal Revenue Code of 1986 to make permanent and expand the temporary minimum credit rate for the low-income housing tax credit program.


IN THE HOUSE OF REPRESENTATIVES

December 14, 2011

Mr. Tiberi (for himself, Mr. Neal, Mr. Buchanan, Mr. Rangel, Mr. Gerlach, Mr. Crowley, Mr. Terry, Mr. Pascrell, and Mr. Cleaver) 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 make permanent and expand the temporary minimum credit rate for the low-income housing tax credit program.

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

SECTION 1. Temporary minimum credit rate for the low-income housing tax credit program made permanent and expanded.

(a) Minimum credit amount for new buildings made permanent.—Subparagraph (A) of section 42(b)(2) of the Internal Revenue Code of 1986 is amended by striking “and before December 31, 2013”.

(b) Minimum credit for existing buildings.—Subsection (b) of section 42 of such Code is amended by redesignating paragraph(3) as paragraph (4) and by inserting after paragraph (2) the following new paragraph:

“(3) MINIMUM CREDIT FOR EXISTING BUILDINGS.—In the case of any existing building—

“(A) which is placed in service by the taxpayer after the date of the enactment of this paragraph, and

“(B) which is not federally subsidized for the taxable year,

the applicable percentage shall not be less than 4 percent.”.

(c) Conforming amendment.—Section 42(b)(2) of such Code is amended by striking “Temporary minimum” and inserting “Minimum”.

(d) Effective date.—The amendments made by this section shall apply to buildings placed in service after the date of the enactment of this Act.


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