,i  #aadth ,,congress  #ast ,session    
,h4 ,r4 #cede  ,,in ,,the ,,house ,,of  
,,representatives  ,september #ag1 #bjae
 ,mr4 ,jolly introduced the following   
bill2 which was referred to the         
,committee on ,ways and ,means1 and in  
addition to the ,committee on ,financial
 ,services1 for a period to be          
subsequently determined by the ,speaker1
 in each case for consideration of such 
provisions as fall within the           
jurisdiction of the committee concerned 
,a ,,bill  ,to amend the ,internal      
,revenue ,code of #aihf to provide a    
credit for replacement costs associated 
with certain imported corrosive drywall1
 and to amend the ,housing and          
,community ,development ,act of #aigd to
 allow use of community development     
block grant amounts for repairs to      
housing constructed using such corrosive
 drywall1 and for other purposes4  #a4  
,short title ,this ,act may be cited as 
the ,corrosive ,drywall ,remediation    
,act4  #b4 ,credit for replacing        

corrosive drywall  7a7 ,in general      
,subpart ,a of part ,,iv of subchapter  
,a of chapter #a of the ,internal       
,revenue ,code of #aihf is amended by   
adding at the end the following3        
#be;,e4 ,corrosive drywall replacement  
7a7 ,allowance of credit ,in the case of
 an individual1 there shall be allowed  
as a credit against the tax imposed by  
this chapter for the taxable year an    
amount equal to the qualified drywall   
replacement expenditures the taxable    
year4  7b7 ,qualified drywall           
replacement expenditures ,for purposes  
of this section1 the term qualified     
drywall replacement expenditures means  
amounts paid during the taxable year to 
repair damage to the taxpayer's personal
 residence or household appliance and   
for which a deduction would1 but for    
subsection 7c71 be allowable under      
section #afe by reason of section #d of 
,revenue ,procedure #bjaj-cf4  7c7      
,denial of double benefit ,no credit    
shall be allowed under subsection 7a7   

for any expenditure for which a         
deduction or credit is allowed under any
 other provision of this chapter4  4    
7b7 ,clerical amendment ,the table of   
sections for subpart ,a of part ,,iv of 
subchapter ,a of chapter #a of such     
,code is amended by adding at the end   
the following3  ,sec4 #be;,e4 ,corrosive
 drywall replacement4  4  7c7 ,effective
 date ,the amendments made by this      
section shall apply to amounts paid     
before1 on1 or after the date of the    
enactment of this ,act4  7d7 ,waiver of 
limitation for credits and refunds      
attributable to this ,act ,if a credit  
or refund of any overpayment of tax     
resulting from the application of the   
amendment made by subsection 7a7 to a   
period before the date of enactment of  
this ,act is prevented as of such date  
by the operation of any law or rule of  
law 7including res judicata71 such      
credit or refund may nevertheless be    
allowed or made if the claim therefor is
 filed before the close of the #a-year  

period beginning on the date of the     
enactment of this ,act4  #c4 ,use of    
community development block grants for  
remedying corrosive drywall ,section    
#aje7;a7 of the ,housing and ,community 
,development ,act of #aigd 7#db         
,u4,s4,c4 #ecje7;a77 is amended-- 7#a7  
in paragraph 7#bd77;,d71 by striking and
 at the end2  7#b7 in paragraph 7#be71  
by striking the period at the end and   
inserting 2 and2 and  7#c7 by adding at 
the end the following new paragraph3    
7#bf7 activities necessary to remove or 
remedy the use of corrosive drywall     
installed in housing 7including         
single-family and multifamily housing7  
during construction or rehabilitation   
that occurred during the period from    
#bjja through #bjji2 and for purposes of
 this paragraph1 the term corrosive     
drywall means drywall that is identified
 as problem drywall under the two-step  
identification method published by the  
,consumer ,product ,safety ,commission  
and the ,department of ,housing and     

,urban ,development in their interim    
guidance dated ,january #bh1 #bjaj4  4