,i  #aacth ,,congress  #ast ,session    
,h4 ,r4 #cjbe  ,,in ,,the ,,house ,,of  
,,representatives  ,august #b1 #bjac    
,mr4 ,gibson introduced the following   
bill2 which was referred to the         
,committee on ,ways and ,means  ,a      
,,bill  ,to amend the ,internal ,revenue
 ,code of #aihf to increase the amount  
of the low-income housing credit that   
may be allocated in ,states damaged in  
#bjaa by ,hurricane ,irene or ,tropical 
,storm ,lee4  #a4 ,short title ,this    
,act may be cited as the ,irene and ,lee
 ,tax ,relief ,storm ,recovery ,act of  
#bjac4  #b4 ,additional low-income      
housing credit may be allocated in      
,states damaged in #bjaa by ,hurricane  
,irene or ,tropical ,storm ,lee  7a7 ,in
 general ,paragraph 7#c7 of section     
#db7;h7 of the ,internal ,revenue ,code 
of #aihf 7relating to limitation on     
aggregate credit allowable with respect 
to projects located in a ,state7 is     
amended by adding at the end the        
following new subparagraph3  7,j7       

,increase in state housing credit for   
states damaged in #bjaa by hurricane    
irene or tropical storm lee  7i7 ,in    
general ,in the case of calendar years  
#bjac1 #bjad1 and #bjae1 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--  
7,i7 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 area1 or  7,,ii7 the      
applicable limitation1 reduced by the   
aggregate increase under this clause for
 all prior calendar years4  7ii7        
,applicable limitation ,for purposes of 
clause 7i71 the applicable limitation is
 the lesser of--  7,i7 #b4ae multiplied 
by the population of the area described 
in clause 7vii77,i71 or  7,,ii7 #ej     
percent of the ,state housing credit    
ceiling 7determined without regard to   
this subparagraph7 for #bjac4  7iii7    

,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 7,c7 for any calendar year1
 any increase in the ,state housing     
credit ceiling under clause 7i7 shall be
 treated as an amount described in      
clause 7ii7 of such subparagraph4  7iv7 
,difficult development area  7,i7 ,in   
general ,in the case of property placed 
in service during #bjac1 #bjad1 or      
#bjae1 the ,irene-,lee disaster area    
shall be treated as a difficult         
development area designated under       
subclause 7,i7 of subsection            
7d77#e77;,b77iii71 and shall not be     
taken into account for purposes of      
applying the limitation under subclause 
7,,ii7 of such subsection4  7,,ii7      
,application of clause ,clause 7i7 shall
 apply only to--  7aa7 housing credit   
dollar amounts allocated during #bjac1  
#bjad1 or #bjae1 and  7bb7 to the extent

 that paragraph 7#a7 does not apply to  
any building by reason of paragraph     
7#d71 only with respect to bonds issued 
after ,december #ca1 #bjab4  7v7        
,special rule for applying income tests 
,in the case of property placed in      
service after #bjab and before #bjbj in 
a nonmetropolitan area 7as defined in   
subsection 7d77#e77;,b77iv77,,iv77      
within the ,irene-,lee disaster area1   
this section shall be applied by        
substituting national nonmetropolitan   
median gross income 7determined under   
rules similar to the rules of section   
#adb7;d77#b77;,b77 for area median gross
 income in subparagraphs 7,a7 and 7,b7  
of subsection 7g77#a74  7vi7 ,time for  
making low-income housing credit        
allocations ,paragraph 7#a77;,b7 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 #bjac1   
#bjad1 or #bjae1 and such building is   
placed in service before ,january #a1   

#bjai4  7vii7 ,irene-lee disaster area  
,for purposes of this subparagraph1 the 
term ,irene-,lee disaster area means--  
7,i7 each county included in the        
geographical area covered by a          
qualifying natural disaster declaration1
 and  7,,ii7 each county contiguous to a
 county described in subclause 7,i74    
7viii7 ,qualifying natural disaster     
declaration ,for purposes of clause     
7vii71 the term qualifying natural      
disaster declaration means--  7,i7 a    
natural disaster declared by the        
,secretary of ,agriculture in #bjaa due 
to damaging weather and other conditions
 relating to ,hurricane ,irene or       
,tropical ,storm ,lee under section     
#cba7;a7 of the ,consolidated ,farm and 
,rural ,development ,act 7#g ,u4,s4,c4  
#aifa7;a771 or  7,,ii7 a major disaster 
or emergency designated by the          
,president in #bjaa due to damaging     
weather and other conditions relating to
 ,hurricane ,irene or ,tropical ,storm  
,lee under the ,robert ,t4 ,stafford    

,disaster ,relief and ,emergency        
,assistance ,act 7#db ,u4,s4,c4 #eaba et
 seq474  4  7b7 ,effective date ,the    
amendment made by this section shall    
take effect on the date of the enactment
 of this ,act4