Irene and Lee Tax Relief Storm Recovery Act - Amends the Internal Revenue Code to allow an increase in 2012, 2013, and 2014 of the amount of the low-income housing tax credit that may be allocated in states containing counties covered by the natural disaster declaration of the Secretary of Agriculture in 2011 due to damage from Hurricane Irene or Tropical Storm Lee.
[Congressional Bills 112th Congress]
[From the U.S. Government Publishing Office]
[H.R. 3769 Introduced in House (IH)]
112th CONGRESS
2d Session
H. R. 3769
To amend the Internal Revenue Code of 1986 to increase the amount of
the low-income housing credit that may be allocated in States damaged
in 2011 by Hurricane Irene or Tropical Storm Lee.
_______________________________________________________________________
IN THE HOUSE OF REPRESENTATIVES
January 10, 2012
Mr. Gibson (for himself and Mr. Reed) introduced the following bill
January 17, 2012
Referred to the Committee on Ways and Means
_______________________________________________________________________
A BILL
To amend the Internal Revenue Code of 1986 to increase the amount of
the low-income housing credit that may be allocated in States damaged
in 2011 by Hurricane Irene or Tropical Storm Lee.
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 ``Irene and Lee Tax Relief Storm
Recovery Act''.
SEC. 2. ADDITIONAL LOW-INCOME HOUSING CREDIT MAY BE ALLOCATED IN STATES
DAMAGED IN 2011 BY HURRICANE IRENE OR TROPICAL STORM LEE.
(a) In General.--Paragraph (3) of section 42(h) of the Internal
Revenue Code of 1986 (relating to limitation on aggregate credit
allowable with respect to projects located in a State) is amended by
adding at the end the following new subparagraph:
``(J) Increase in state housing credit for states
damaged in 2011 by hurricane irene or tropical storm
lee.--
``(i) In general.--In the case of calendar
years 2012, 2013, and 2014, the State housing
credit ceiling of each State any portion of
which includes any portion of the Irene-Lee
disaster area shall be increased by the lesser
of--
``(I) the aggregate housing credit
dollar amount allocated by the State
housing credit agency of such State for
such calendar year to buildings located
in such disaster area, or
``(II) the applicable limitation,
reduced by the aggregate increase under
this clause for all prior calendar
years.
``(ii) Applicable limitation.--For purposes
of clause (i), the applicable limitation is the
lesser of--
``(I) $2.15 multiplied by the
population of the area described in
clause (vii)(I), or
``(II) 50 percent of the State
housing credit ceiling (determined
without regard to this subparagraph)
for 2012.
``(iii) Allocations treated as made first
from additional allocation amount for purposes
of determining carryover.--For purposes of
determining the unused State housing credit
ceiling under subparagraph (C) for any calendar
year, any increase in the State housing credit
ceiling under clause (i) shall be treated as an
amount described in clause (ii) of such
subparagraph.
``(iv) Difficult development area.--
``(I) In general.--In the case of
property placed in service during 2012,
2013, or 2014, the Irene-Lee disaster
area shall be treated as a difficult
development area designated under
subclause (I) of subsection
(d)(5)(B)(iii), and shall not be taken
into account for purposes of applying
the limitation under subclause (II) of
such subsection.
``(II) Application of clause.--
Clause (i) shall apply only to--
``(aa) housing credit
dollar amounts allocated during
2012, 2013, or 2014, and
``(bb) to the extent that
paragraph (1) does not apply to
any building by reason of
paragraph (4), only with
respect to bonds issued after
December 31, 2011.
``(v) Special rule for applying income
tests.--In the case of property placed in
service after 2011 and before 2019 in a
nonmetropolitan area (as defined in subsection
(d)(5)(B)(iv)(IV)) within the Irene-Lee
disaster area, this section shall be applied by
substituting `national nonmetropolitan median
gross income (determined under rules similar to
the rules of section 142(d)(2)(B))' for `area
median gross income' in subparagraphs (A) and
(B) of subsection (g)(1).
``(vi) Time for making low-income housing
credit allocations.--Paragraph (1)(B) shall not
apply to an allocation of housing credit dollar
amount to a building located in the Irene-Lee
disaster area if such allocation is made in
2012, 2013, or 2014, and such building is
placed in service before January 1, 2018.
``(vii) Irene-lee disaster area.--For
purposes of this subparagraph, the term `Irene-
Lee disaster area' means--
``(I) each county included in the
geographical area covered by a
qualifying natural disaster
declaration, and
``(II) each county contiguous to a
county described in subclause (I).
``(viii) Qualifying natural disaster
declaration.--For purposes of clause (vii), the
term `qualifying natural disaster declaration'
means--
``(I) a natural disaster declared
by the Secretary of Agriculture in 2011
due to damaging weather and other
conditions relating to Hurricane Irene
or Tropical Storm Lee under section
321(a) of the Consolidated Farm and
Rural Development Act (7 U.S.C.
1961(a)), or
``(II) a major disaster or
emergency designated by the President
in 2011 due to damaging weather and
other conditions relating to Hurricane
Irene or Tropical Storm Lee under the
Robert T. Stafford Disaster Relief and
Emergency Assistance Act (42 U.S.C.
5121 et seq.).''.
(b) Effective Date.--The amendment made by this section shall take
effect on the date of the enactment of this Act.
<all>
Introduced in House
Introduced in House
Referred to the House Committee on Ways and Means.
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