To amend the Internal Revenue Code of 1986 to allow the low-income housing credit without regard to whether moderate rehabilitation assistance is provided with respect to a building.

Amends the Internal Revenue Code to permit the low-income housing credit when moderate rehabilitation assistance is provided with respect to a building.

[Congressional Bills 107th Congress]
[From the U.S. Government Publishing Office]
[H.R. 2539 Introduced in House (IH)]







107th CONGRESS
  1st Session
                                H. R. 2539

  To amend the Internal Revenue Code of 1986 to allow the low-income 
   housing credit without regard to whether moderate rehabilitation 
           assistance is provided with respect to a building.


_______________________________________________________________________


                    IN THE HOUSE OF REPRESENTATIVES

                             July 17, 2001

   Mr. Watkins of Oklahoma 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 allow the low-income 
   housing credit without regard to whether moderate rehabilitation 
           assistance is provided with respect to a building.

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

SECTION 1. REPEAL OF LOW-INCOME HOUSING CREDIT DISQUALIFICATION FOR 
              BUILDINGS RECEIVING MODERATE REHABILITATION ASSISTANCE.

    (a) In General.--Paragraph (2) of section 42(c) of the Internal 
Revenue Code of 1986 (defining qualified low-income building) is 
amended by striking the last sentence.
    (b) Effective Date.--The amendment made by this section shall apply 
to moderate rehabilitation assistance provided after the date of the 
enactment of this Act.
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