Improving the Low Income Housing Tax Credit Rate Act

Improving the Low Income Housing Tax Credit Rate Act - Amends the Internal Revenue Code to: (1) make permanent the the minimum low-income housing tax credit rate for new buildings that are not federally subsidized, and (2) establish a minimum 4% low-income housing tax rate for existing buildings that are not federally subsidized.

[Congressional Bills 113th Congress]
[From the U.S. Government Publishing Office]
[S. 1442 Introduced in Senate (IS)]

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.
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