Text: S.1442 — 113th Congress (2013-2014)All Bill Information (Except Text)

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Introduced in Senate (08/01/2013)


113th CONGRESS
1st Session
S. 1442

To amend the Internal Revenue Code of 1986 to make permanent the minimum low-income housing tax credit rate for unsubsidized buildings and to provide a minimum 4 percent credit rate for existing buildings.


IN THE SENATE OF THE UNITED STATES
August 1, 2013

Ms. Cantwell (for herself, Mr. Roberts, Ms. Collins, Mr. King, Mr. Cardin, Mr. Brown, Mr. Menendez, Mr. Schumer, Mrs. Boxer, Mr. Franken, Mrs. Gillibrand, Mr. Harkin, Ms. Klobuchar, Mr. Whitehouse, Mrs. Feinstein, Ms. Hirono, Mr. Schatz, Ms. Warren, Mr. Blumenthal, Mr. Markey, and Mr. Sanders) introduced the following bill; which was read twice and referred to the Committee on Finance


A BILL

To amend the Internal Revenue Code of 1986 to make permanent the minimum low-income housing tax credit rate for unsubsidized buildings and to provide a minimum 4 percent credit rate for existing buildings.

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

SECTION 1. Short title.

This Act may be cited as the “Improving the Low Income Housing Tax Credit Rate Act”.

SEC. 2. Extension and modification of minimum low-income housing tax credit rate for certain buildings.

(a) Permanent extension.—Paragraph (2) of section 42(b) of the Internal Revenue Code of 1986 is amended—

(1) by striking “Temporary minimum credit rate” in the heading and inserting “Minimum credit rate”, and

(2) by striking “with respect to housing credit dollar amount allocations made before January 1, 2014” in subparagraph (A).

(b) Minimum 4 percent credit rate for certain existing buildings.—Subsection (b) of section 42 of the Internal Revenue Code of 1986 is amended—

(1) by redesignating paragraph (3) as paragraph (4), and

(2) by inserting after paragraph (2) the following new paragraph:

“(3) MINIMUM CREDIT RATE FOR NON-FEDERALLY SUBSIDIZED 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 be not less than 4 percent.”.

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