,i  #aac? ,,congress  #b;d ,session  ,h4
 ,r4 #ddgi  ,,9 ,,! ,,h\se ,,(          
,,repres5tatives  ,april #aj1 #bjad ,mr4
 ,rangel introduc$ ! foll[+ bill2 :i* 0 
ref]r$ to ! ,committee on ,ways & ,means
  ,a ,,bill  ,to am5d ! ,int]nal ,rev5ue
 ,code ( #aihf to provide a r5t]'s      
cr$it4  #a4 ,%ort title ,?is ,act may be
 cit$ z ! ,r5t]s ,tax ,cr$it ,act (     
#bjad4  #b4 ,r5t]s tax cr$it  7a7 ,9    
g5]al ,subp>t ,d ( "p ,,iv ( sub*apt] ,a
 ( *apt] #a ( ! ,int]nal ,rev5ue ,code (
 #aihf is am5d$ by add+ at ! end !      
foll[+ new section3  #de,s4 ,r5t]s cr$it
  7a7 ,9 g5]al ,= purposes ( section    
#ch1 9 ! case ( a qualifi$ cr$it        
recipi5t1 ! r5t]s cr$it = any taxable   
ye> is an am\nt equal to ! sum ( !      
r5t]'s cr$it am\nts allocat$ to su*     
qualifi$ cr$it recipi5t "u ?is section =
 mon?s end+ dur+ ! taxable ye>4  7b7    
,r5t]'s cr$it am\nt  7#a7 ,9 g5]al ,=   
purposes ( ?is section1 ! t]m r5t]s     
cr$it am\nt means ! r5t r$uction am\nt )
 respect to ea* r5tal unit :i* is       

occupi$ by a qualifi$ r5t]4  7#b7       
,qualifi$ r5t] ,= purposes ( ?is        
section1 ! t]m qualifi$ r5t] means a    
family unit ) income n great] ?an !     
high] (--  7,a7 #fj p]c5t ( local m$ian 
income1 or  7,b7 #aej p]c5t ( ! ,f$]al  
pov]ty l9e1  9 ea* case z det]m9$ by !  
,secret>y ( ,h\s+ & ,urban ,developm5t =
 a family ( ! size involv$4  7#c7 ,r5t  
r$uction am\nt ,= purposes ( ?is        
section--  7,a7 ,9 g5]al ,! t]m r5t     
r$uction am\nt is ! am\nt by :i* ! fair 
m>ket r5t = ! unit involv$ exce$s ! r5t 
*>g$ to ! qualifi$ r5t]4  7,b7          
,limitation ,! r5t r$uction am\nt tak5  
into acc\nt "u ?is section %all n exce$ 
! excess (--  7i7 ! r5t *>g$ to !       
qualifi$ r5t] 7or1 if l[]1 specifi$     
mode/ r5t71 ov]  7ii7 #cj p]c5t ( !     
qualifi$ r5t]'s income 7prorat$ mon?ly7 
z det]m9$ by ! r5t]s cr$it ag5cy ( !    
,/ate4  7,c7 ,specifi$ mode/ r5t ,! t]m 
specifi$ mode/ r5t means--  7i7 ! ,fair 
,m>ket ,r5t det]m9$ by ! ,secret>y (    
,h\s+ & ,urban ,developm5t = ! zip code 

7if ! unit is locat$ 9 a metropolitan   
area7 or non-metropolitan c\nty1 or     
7ii7 su* am\nt z may be det]m9$ by !    
,/ate ) respect to ! area 9 :i* ! unit  
is locat$ if su* am\nt is )9 #be p]c5t (
 ! am\nt det]m9$ "u clause 7i7 ) respect
 to su* unit4  7,d7 ,utilities ,! r5t]s 
cr$it ag5cy ( ! ,/ate may det]m9e :e!r &
 h[ to take into acc\nt ! co/ (         
utilities 9 det]m9+ ! r5t r$uction      
am\nt4  7,e7 ,cr$it adju/m5t ,! r5t]s   
cr$it ag5cy ( ! ,/ate may elect to      
increase ! r5t r$uction am\nt su* t su* 
am\nt does n exce$ #aaj p]c5t ( su*     
am\nt z det]m9$ )\t reg>d to ?is        
subp>agraph4  7c7 ,qualifi$ cr$it       
recipi5t ,= purposes ( ?is section1 !   
t]m qualifi$ cr$it recipi5t means1 )    
respect to any r5tal unit occupi$ by a  
qualifi$ r5t]1 ! own] ( su* unit b only 
to ! ext5t ( ! r5t]s cr$it am\nts :i* h 
be5 allocat$ to su* p]son by ! r5t]s    
cr$it ag5cy4 ,9 lieu ( ! own] ( ! unit1 
! r5t]s cr$it ag5cy may treat ! l5d] (  
any loan to su* own] z ! qualifi$ cr$it 

recipi5t if su* unit secures su* loan4  
7d7 ,allocations by r5t]s cr$it ag5cy to
 cr$it recipi5ts  7#a7 ,9 g5]al ,! r5t]s
 cr$it ag5cy may make allocations (     
r5t]s cr$it am\nts to qualifi$ cr$it    
recipi5ts "u ?is section on ! basis (-- 
7,a7 ! id5tity ( ! qualifi$ r5t]1 su* t 
! r5t]s cr$it am\nt is all[$ to ! own] (
 any r5tal unit :i* su* qualifi$ r5t]   
occupies 7or ! l5d] ref]r$ to 9         
subsection 7c77 = any mon?1 or  7,b7 "o 
or m r5tal units1 su* t ! r5t]s cr$it   
am\nt is all[$ to ! own] ( su* units 7or
 ! l5d] ref]r$ to 9 subsection 7c77 =   
su* mon?s z su* units are occupi$ by a  
qualifi$ r5t]4  7#b7 ,re/rictions on    
unit bas$ allocations ,a r5t]s cr$it    
ag5cy may make allocations ( r5t]s cr$it
 z describ$ 9 p>agraph 7#a77;,b7 only   
if--  7,a7 su* units are "p ( a project 
or build+ 9 :i* n m ?an #dj p]c5t ( !   
units receive allocations "u ?is section
 7! ,secret>y may provide su* exceptions
 to ! requirem5t ( ?is subp>agraph z !  
,secret>y det]m9es appropriate = small  

build+s or build+s ) respect to :i* m   
?an #dj p]c5t ( ! units 7 previ\sly     
subsidiz$ "u o!r ,f$]al programs71 &    
7,b7 ! ,secret>y has approv$ a mobility 
plan submitt$ by su* r5t]s cr$it ag5cy  
:i* provides = an adequate me?od to     
ensure t qualifi$ r5t]s h ! ability to  
move f a unit :i* is eligible = cr$it "u
 ?is section )\t los+ ! r5t subsidy     
provid$ by ?is section4  7e7            
,allocations ( cr$it au?ority to ,/ate  
ag5cies  7#a7 ,r5t]s cr$it doll> am\nt =
 ag5cies  7,a7 ,/ate limitation ,!      
aggregate cr$it am\nts :i* a r5t]s cr$it
 ag5cy may allocate = any cal5d> ye> is 
! portion ( ! ,/ate r5t]s cr$it ceil+   
allocat$ "u ?is p>agraph = su* cal5d>   
ye> to su* ag5cy4  7,b7 ,/ate ceil+     
initially allocat$ to ,/ate h\s+ cr$it  
ag5cies ,except z provid$ 9 subp>agraphs
 7,d7 & 7,e71 ! ,/ate r5t]s cr$it ceil+ 
= ea* cal5d> ye> %all be allocat$ to !  
r5t]s cr$it ag5cy ( su* ,/ate4 ,if !re  
is m ?an #a r5t]s cr$it ag5cy ( a ,/ate1
 all su* ag5cies %all be treat$ z a s+le

 ag5cy4  7,c7 ,/ate r5t]s cr$it ceil+ ,!
 ,/ate r5t]s cr$it ceil+ applicable to  
any ,/ate & any cal5d> ye> %all be an   
am\nt equal to ! sum (--  7i7 ! unus$   
,/ate r5t]s cr$it ceil+ 7if any7 ( su*  
,/ate = ! prec$+ cal5d> ye>1  7ii7 !    
great] (--  7,i7 #ag4ej multipli$ by !  
,/ate population1 or  7,,ii7            
#bj1jjj1jjj1  7iii7 ! am\nt ( ,/ate     
r5t]s cr$it ceil+ return$ 9 ! cal5d>    
ye>1 plus  7iv7 ! am\nt 7if any7        
allocat$ "u subp>agraph 7,d7 to su*     
,/ate by ! ,secret>y4  ,= purposes (    
clause 7i71 ! unus$ ,/ate r5t]s cr$it   
ceil+ = any cal5d> ye> is ! excess 7if  
any7 ( ! sum ( ! am\nts describ$ 9      
clauses 7ii7 ?r\gh 7iv7 ov] ! aggregate 
r5t]s cr$it doll> am\nt allocat$ = su*  
ye>4  7,d7 ,unus$ r5t]s cr$it c>ryov]s  
allocat$ among c]ta9 ,/ates  7i7 ,9     
g5]al ,! unus$ r5t]s cr$it c>ryov] ( a  
,/ate = any cal5d> ye> %all be assign$  
to ! ,secret>y = allocation among       
qualifi$ ,/ates = ! succe$+ cal5d> ye>4 
7ii7 ,unus$ r5t]s cr$it c>ryov] ,=      

purposes ( ?is subp>agraph1 ! unus$     
r5t]s cr$it c>ryov] ( a ,/ate = any     
cal5d> ye> is ! excess 7if any7 (--     
7,i7 ! unus$ ,/ate r5t]s cr$it ceil+ = !
 ye> prec$+ su* ye>1 ov]  7,,ii7 !      
aggregate r5t]s cr$it doll> am\nt       
allocat$ = su* ye>4  7iii7 ,=mula =     
allocation ( unus$ h\s+ cr$it c>ryov]s  
among qualifi$ ,/ates ,! am\nt allocat$ 
"u ?is subp>agraph to a qualifi$ ,/ate =
 any cal5d> ye> %all be ! am\nt det]m9$ 
by ! ,secret>y to be> ! same ratio to ! 
aggregate unus$ r5t]s cr$it c>ryov]s (  
all ,/ates = ! prec$+ cal5d> ye> z su*  
,/ate's population = ! cal5d> ye> be>s  
to ! population ( all qualifi$ ,/ates = 
! cal5d> ye>4 ,= purposes ( ! prec$+    
s5t5ce1 population %all be det]m9$ 9    
accordance ) section #adf7;j74  7iv7    
,qualifi$ ,/ate ,= purposes ( ?is       
subp>agraph1 ! t]m qualifi$ ,/ate means1
 ) respect to a cal5d> ye>1 any ,/ate-- 
7,i7 :i* allocat$ its entire ,/ate r5t]s
 cr$it ceil+ = ! prec$+ cal5d> ye>1 &   
7,,ii7 = :i* a reque/ is made 7n lat]   

?an ,may #a ( ! cal5d> ye>7 to receive  
an allocation "u clause 7iii74  7,e7    
,application ( c]ta9 rules ,= purposes (
 ?is p>agraph1 rules simil> to ! rules (
 subp>agraphs 7,e71 7,f71 & 7,g7 (      
section #db7;h77#c7 %all apply4  7,f7   
,inflation adju/m5t  7i7 ,9 g5]al ,9 !  
case ( a cal5d> ye> aft] #bjac1 !       
#bj1jjj1jjj & #ag4ej am\nts 9           
subp>agraph 7,c7 %all ea* be increas$ by
 an am\nt equal to--  7,i7 su* doll>    
am\nt1 multipli$ by  7,,ii7 ! co/-(-liv+
 adju/m5t det]m9$ "u section #a7;f77#c7 
= su* cal5d> ye> by sub/itut+ cal5d> ye>
 #bjja = cal5d> ye> #aiib 9 subp>agraph 
7,b7 !re(4  7ii7 ,r\nd+  7,i7 ,9 ! case 
( ! #bj1jjj1jjj am\nt1 any increase "u  
clause 7i7 :i* is n a multiple ( #ej1jjj
 %all be r\nd$ to ! next l[e/ multiple (
 #ej1jjj4  7,,ii7 ,9 ! case ( ! #ag4ej  
am\nt1 any increase "u clause 7i7 :i* is
 n a multiple ( #ej c5ts %all be r\nd$  
to ! next l[e/ multiple ( #ej c5ts4  7f7
 ,o!r def9itions ,= purposes ( ?is      
section--  7#a7 ,r5t]s cr$it ag5cy ,!   

t]m r5t]s cr$it ag5cy means1 ) respect  
to any ,/ate1 ! h\s+ cr$it ag5cy ( su*  
,/ate 7z def9$ 9 section                
#db7;h77#h77;,a77 or su* o!r ag5cy z is 
au?oriz$ to c>ry out ! activities ( !   
r5t]s cr$it ag5cy "u ?is section4  7#b7 
,possessions treat$ z ,/ates ,! t]m     
,/ate includes a possession ( ! ,unit$  
,/ates4  7g7 ,regulations ,! ,secret>y  
%all prescribe su* regulations z may be 
necess>y or appropriate to c>ry out !   
purposes ( ?is section4  4  7b7 ,cr$it  
,to be "p ( g5]al bus9ess cr$it  7#a7 ,9
 g5]al ,subsection 7b7 ( section #ch (  
su* ,code is am5d$ by /rik+ plus at !   
end ( p>agraph 7#ce71 by /rik+ ! p]iod  
at ! end ( p>agraph 7#cf7 & ins]t+ 1    
plus1 & by add+ at ! end ! foll[+ new   
p>agraph3  7#cg7 ! r5t]s cr$it det]m9$  
"u section #de,s7a74  4  7#b7 ,cr$it    
all[able aga9/ alt]native m9imum tax    
,subp>agraph 7,b7 ( section #ch7;c77#d7 
( su* ,code is am5d$ by r$esignat+      
clauses 7vii7 ?r\gh 7ix7 z clauses      
7viii7 ?r\gh 7x71 respectively1 & by    

ins]t+ aft] clause 7vi7 ! foll[+ new    
clause3  7vii7 ! cr$it det]m9$ "u       
section #de,s1  4  7c7 ,cl]ical am5dm5t 
,! table ( sections = subp>t ,d ( "p    
,,iv ( sub*apt] ,a ( *apt] #a ( su*     
,code is am5d$ by add+ at ! end ! foll[+
 new item3  ,sec4 #de,s4 ,r5t]s cr$it4  
4  7d7 ,effective date ,! am5dm5ts made 
by ?is section %all apply to allocations
 made = cal5d> ye>s aft] #bjad & to     
taxable ye>s end+ aft] ,decemb] #ca1    
#bjad4