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.

Amends the Internal Revenue Code, with respect to the low-income housing tax credit, to make permanent the minimum 9% credit rate for new buildings that are not federally-subsidized and to establish a minimum 4% credit rate for existing buildings that are not federally-subsidized.

[Congressional Bills 113th Congress]
[From the U.S. Government Publishing Office]
[H.R. 4717 Introduced in House (IH)]

113th CONGRESS
  2d Session
                                H. R. 4717

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

                              May 22, 2014

   Mr. Tiberi (for himself, Mr. Neal, Mr. Gerlach, Mr. Pascrell, Mr. 
Nunes, Mr. Rangel, Mr. Paulsen, Mr. Crowley, Ms. Jenkins, Mr. Renacci, 
  Mr. Kind, Mr. Griffin of Arkansas, Mr. Blumenauer, Mr. Schock, Mr. 
McDermott, Mr. Reed, Mr. Larson of Connecticut, Mr. Reichert, Mr. Danny 
  K. Davis of Illinois, Mr. Marchant, Mr. Kelly of Pennsylvania, Mr. 
Boustany, Mr. Young of Indiana, Mr. Gibbs, and Ms. Lofgren) 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 ``with respect to housing credit dollar 
amount allocations made before January 1, 2014''.
    (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 December 31, 2013.
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