,i  #aae? ,,congress  #a/ ,session  ,h4 
,r4 #cfgj  ,,9 ,,! ,,h\se ,,(           
,,repres5tatives  ,septemb] #a1         
#bjag,mr4 ,cr[ley introduc$ ! foll[+    
bill2 :i* 0 ref]r$ to ! ,committee on   
,ways & ,means  ,a ,,bill  ,to am5d !   
,int]nal ,rev5ue ,code ( #aihf to all[ =
 a cr$it aga9/ tax = r5t paid on !      
p]sonal resid5ce ( ! taxpay]4  #a4 ,%ort
 title ,?is ,act may be cit$ z ! ,r5t   
,relief ,act ( #bjag4  #b4 ,refundable  
cr$it = r5t paid = pr9cipal resid5ce    
7a7 ,9 g5]al ,subp>t ,c ( "p ,,iv (     
sub*apt] ,a ( *apt] #a ( ! ,int]nal     
,rev5ue ,code ( #aihf is am5d$ by ins]t+
 aft] section #cf;,b ! foll[+ new       
section3  #cf;,c4 ,r5t paid = pr9cipal  
resid5ce cr$it  7a7 ,9 g5]al ,9 ! case (
 an individual :o leases ! individual's 
pr9cipal resid5ce 7)9 ! mean+ ( section 
#aba7 dur+ ! taxable ye> & :o pays r5t )
 respect to su* resid5ce 9 excess ( #cj 
p]c5t ( ! taxpay]'s gross income = su*  
taxable ye>1 !re %all be all[$ z a cr$it
 aga9/ ! tax impos$ by ?is subtitle =   

su* taxable ye> an am\nt equal to !     
applicable p]c5tage ( su* excess4  7b7  
,cr$it limit$ by #aej p]c5t ( fair m>ket
 r5t ,solely = purposes ( det]m9+ !     
am\nt ( ! cr$it all[$ "u subsection 7a7 
) respect to a resid5ce = ! taxable ye>1
 !re %all n be tak5 into acc\nt r5t 9   
excess ( an am\nt equal to #aej p]c5t ( 
! fair m>ket r5t applicable to !        
resid5ce involv$ 7z mo/ rec5tly publi%$1
 z ( ! beg9n+ ( ! taxable ye>1 by !     
,dep>tm5t ( ,h\s+ & ,urban ,developm5t74
  7c7 ,def9itions & special rules ,=    
purposes ( ?is section-- 7#a7           
,applicable p]c5tage ,! applicable      
p]c5tage %all be det]m9$ 9 accordance ) 
! foll[+ table3 ,! applicable,if gross  
income is3p]c5tage is3,n ov] #be1jjjajj 
percent,over #be1jjj1 b n ov] #ej1jjjge 
percent,over #ej1jjj1 b n ov] #ge1jjjej 
percent,over #ge1jjj1 b n ov] #ajj1jjjbe
 percent,over #ajj1jjj1 b n ov]         
#abe1jjjaj percent,over #abe1jjjj p]c5t4
  7#b7 ,p>tial ye> resid5ce ,! ,secret>y
 %all prescribe su* rules z are necess>y

 to c>ry out ! purposes ( ?is section = 
taxpay]s ) respect to :om a resid5ce is 
a pr9cipal resid5ce = only a portion ( !
 taxable ye>4  7#c7 ,special rule =     
individuals resid+ 9 gov]nm5t-subsidiz$ 
h\s+ ,9 ! case ( a pr9cipal resid5ce--  
7,a7 ! r5t ) respect to :i* is subsidiz$
 "u a ,f$]al1 ,/ate1 local1 or tribal   
program1 &  7,b7 ) respect to :i* !     
taxpay] elects ! application ( ?is      
p>agraph1  9 lieu ( ! cr$it det]m9$ "u  
subsection 7a71 !re %all be all[$ z a   
cr$it aga9/ ! tax impos$ by ?is subtitle
 = su* taxable ye> an am\nt equal to    
#a_/ab ( ! am\nt ( r5t paid by ! taxpay]
 7& n subsidiz$ "u any su* program7 dur+
 ! taxable ye> ) respect to su*         
resid5ce4  4  7b7 ,cl]ical am5dm5t ,!   
table ( sections = subp>t ,c ( "p ,,iv (
 sub*apt] ,a ( *apt] #a ( ! ,int]nal    
,rev5ue ,code ( #aihf is am5d$ by ins]t+
 aft] ! item relat+ to section #cf;,b ! 
foll[+ new item3  ,sec4 #cf;,c4 ,r5t    
paid = pr9cipal resid5ce cr$it4  4  7c7 
,effective date ,! am5dm5ts made by ?is 

section %all apply ) respect to taxable 
ye>s beg9n+ aft] ,decemb] #ca1 #bjag4