,,ii  #aae? ,,congress  #b;d ,session   
,s4 #cehj  ,,9 ,,! ,,s5ate ,,( ,,!      
,,unit$ ,,/ates  ,octob] #aa1 #bjah,mr4 
,hell] introduc$ ! foll[+ bill2 :i* 0   
read twice & ref]r$ to ! ,committee on  
,f9ance  ,a ,,bill  ,to am5d ! ,int]nal 
,rev5ue ,code ( #aihf to provide a tax  
cr$it to taxpay]s :o provide r$uctions 9
 r5t to l[-income s5ior r5t]s1 & = o!r  
purposes4  #a4 ,%ort title ,?is ,act may
 be cit$ z ! ,s5iors ,af=dable ,h\s+    
,tax ,cr$it ,act4  #b4 ,l[-income s5iors
 r5t cr$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,t4 ,l[-income s5iors r5t cr$it  7a7 
,det]m9ation ( cr$it am\nt  7#a7 ,9     
g5]al ,= purposes ( section #ch1 ! am\nt
 ( ! l[-income s5iors r5t cr$it det]m9$ 
"u ?is section = any taxable ye> is !   
sum ( ! am\nts det]m9$ "u p>agraph 7#b7 
= all qualifi$ build+s ) a cr$it p]iod  
:i* includes mon?s occurr+ dur+ !       
taxable ye>4  7#b7 ,qualifi$ build+     

am\nt ,! am\nt det]m9$ "u ?is p>agraph )
 respect to any qualifi$ build+ = any   
taxable ye> %all be an am\nt equal to ! 
less] (--  7,a7 ! aggregate r5tal       
r$uction am\nts = all eligible s5ior    
units )9 su* build+ = mon?s occurr+ dur+
 ! taxable ye> :i* are )9 ! cr$it p]iod 
= su* build+1 or  7,b7 ! r5tal r$uction 
cr$it am\nt allocat$ to su* build+ = su*
 mon?s4  7#c7 ,qualifi$ build+ ,=       
purposes ( ?is section1 ! t]m qualifi$  
build+ means any build+ :i* is          
resid5tial r5tal prop]ty 7z def9$ 9     
section #afh7;e77#b77;,a77 ( ! taxpay] )
 respect to :i*--  7,a7 a r5tal r$uction
 cr$it am\nt has be5 allocat$ by a r5tal
 r$uction cr$it ag5cy ( a ,/ate1 &  7,b7
 a qualifi$ r5tal r$uction agreem5t is 9
 effect4  ,a build+ %all n fail to be   
treat$ z a qualifi$ build+ m]ely because
 a cr$it 0 all[$ "u section #db )       
respect to su* build+ or !re 0 any o!r  
,f$]al assi/ance 9 ! con/ruction or     
rehabilitation ( su* build+4  7b7 ,r5tal
 r$uction am\nt ,= purposes ( ?is       

section--  7#a7 ,9 g5]al ,! t]m r5tal   
r$uction am\nt means1 ) respect to any  
eligible s5ior unit = any mon?1 an am\nt
 equal to ! applicable p]c5tage 7z      
det]m9$ "u subsection 7d77#a77 ( !      
excess (--  7,a7 ! applicable /&>d fair 
m>ket r5t = su* unit1 ov]  7,b7 ! family
 r5tal paym5t requir$ = su* unit4  7#b7 
,applicable /&>d fair m>ket r5t ,! t]m  
applicable /&>d fair m>ket r5t means1 ) 
respect to any eligible s5ior unit = any
 mon?1 ! less] (-- 7,a7 ! am\nt ( r5t   
:i* w\ld be *>g$ = a sub/antially simil>
 unit 9 ! same build+ :i* is n an       
eligible s5ior unit1 or  7,b7 an am\nt  
equal to ! av]age mode/ r5t 7z det]m9$ 9
 accordance ) ! ,/ate r5tal r$uction    
allocation plan7 = units ) ! same numb] 
( b$rooms 9 ! same /ati/ical area 7z    
def9$ 9 section #adc7k77#b774  7#c7     
,family r5tal paym5t requirem5ts  7,a7  
,9 g5]al ,ea* qualifi$ r5tal r$uction   
agreem5t ) respect to any qualifi$      
build+ %all require t ! family r5tal    
paym5t = an eligible s5ior unit )9 su*  

build+ = any mon? %all be equal to !    
less] (--  7i7 #cj p]c5t ( ! mon?ly     
family income ( ! resid5ts ( ! unit 7z  
det]m9$ "u subsection 7d77#e771 or  7ii7
 ! applicable /&>d fair m>ket r5t = su* 
unit det]m9$ "u p>agraph 7#b74  7,b7    
,utility co/s ,any utility all[ance     
7det]m9$ by ! ,secret>y aft] tak+ into  
acc\nt su* det]m9ations "u section #h ( 
! ,unit$ ,/ates ,h\s+ ,act ( #aicg7 paid
 by resid5ts ( an eligible s5ior unit   
%all be tak5 into acc\nt z r5t 9 det]m9+
 ! family r5tal paym5t = su* unit =     
purposes ( ?is p>agraph4  7c7 ,r5tal    
r$uction cr$it am\nt ,= purposes ( ?is  
section-- 7#a7 ,det]m9ation ( am\nt     
7,a7 ,9 g5]al ,! t]m r5tal r$uction     
cr$it am\nt means1 ) respect to any     
qualifi$ build+1 ! doll> am\nt :i* is   
allocat$ to su* build+ 7& to eligible   
s5ior units )9 su* build+7 "u ?is       
subsection4 ,su* doll> am\nt %all be    
allocat$ to mon?s 9 ! cr$it p]iod )     
respect to su* build+ 7& units7 on !    
basis ( reasonable e/imates ( r5ts1     

family incomes1 & vacancies 9 accordance
 ) proc$ures e/abli%$ by ! ,/ate z "p ( 
its ,/ate r5tal r$uction allocation     
plan4  7,b7 ,allocation on project basis
 ,9 ! case ( a project :i* includes 7or 
w include7 m ?an #a build+1 ! r5tal     
r$uction cr$it am\nt %all be ! doll>    
am\nt :i* is allocat$ to su* project =  
all build+s includ$ 9 su* project4 ,su* 
am\nt %all be allocat$ among su* build+s
 9 ! mann] specifi$ by ! taxpay] unless 
! qualifi$ r5tal r$uction agreem5t )    
respect to su* project provides = su*   
allocation4  7#b7 ,/ate allocation ,ea* 
r5tal r$uction cr$it ag5cy ( a ,/ate    
%all ea* cal5d> ye> allocate its portion
 ( ! ,/ate r5tal r$uction cr$it ceil+ to
 build+s 7& to eligible s5ior units )9  
su* build+7 9 accordance ) ! ,/ate r5tal
 r$uction allocation plan4  7#c7        
,allocat$ cr$it am\nt to apply to all   
taxable ye>s end+ dur+ or aft] cr$it    
allocation ye> ,any r5tal r$uction cr$it
 am\nt allocat$ to any build+ out ( !   
,/ate r5tal r$uction cr$it ceil+ = any  

cal5d> ye>--  7,a7 %all apply to su*    
build+ = mon?s 9 ! cr$it p]iod end+ dur+
 or aft] su* cal5d> ye>1 &  7,b7 %all   
r$uce ! portion ( su* ceil+ ( ! allocat+
 ag5cy only = su* cal5d> ye>4  7#d7     
,/ate r5tal r$uction cr$it ceil+  7,a7  
,9 g5]al ,! ,/ate r5tal r$uction cr$it  
ceil+ applicable to any ,/ate = any     
cal5d> ye> %all be an am\nt equal to !  
sum (--  7i7 ! great] (-- 7,i7 ! p]     
capita am\nt multipli$ by ! ,/ate       
population1 or  7,,ii7 ! m9imum ceil+   
am\nt1 plus  7ii7 ! am\nt ( ! ,/ate     
r5tal r$uction cr$it ceil+ return$ 9 !  
cal5d> ye>4  7,b7 ,return ( ,/ate ceil+ 
am\nts ,= purposes ( subp>agraph        
7,a77ii71 ! am\nt ( ! ,/ate r5tal       
r$uction cr$it ceil+ return$ 9 a cal5d> 
ye> equals ! am\nt ( ! r5tal r$uction   
cr$it am\nt allocat$ to any build+ :i*1 
aft] ! close ( ! cal5d> ye> = :i* !     
allocation is made1 is cancel$ by mutual
 cons5t ( ! r5tal r$uction cr$it ag5cy &
 ! taxpay]4  7,c7 ,p] capita doll>      
am\nt2 m9imum ceil+ am\nt ,= purposes ( 

?is p>agraph-- 7i7 ,p] capita doll>     
am\nt ,! p] capita doll> am\nt is #a4ge4
  7ii7 ,m9imum ceil+ am\nt ,! m9imum    
ceil+ am\nt is #b1jjj1jjj4  7,d7        
,co/-(-liv+ adju/m5t  7i7 ,9 g5]al ,9 ! 
case ( a cal5d> ye> aft] #bjai1 ! #a4ge 
am\nt 9 subp>agraph 7,c77i7 & !         
#b1jjj1jjj am\nt 9 subp>agraph 7,c77ii7 
%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> #bjah = cal5d>  
ye> #bjaf 9 subp>agraph 7,a77ii7 !re(4  
7ii7 ,r\nd+  7,i7 ,9 ! case ( ! #a4ge   
am\nt1 any increase "u clause 7i7 :i* is
 n a multiple ( #e c5ts %all be r\nd$ to
 ! next l[e/ multiple ( #e c5ts4  7,,ii7
 ,9 ! case ( ! #b1jjj1jjj am\nt1 any    
increase "u clause 7i7 :i* is n a       
multiple ( #e1jjj %all be r\nd$ to !    
next l[e/ multiple ( #e1jjj4  7,e7      
,population ,= purposes ( ?is p>agraph1 
population %all be det]m9$ 9 accordance 
) section #adf7;j74  7,f7 ,unus$ r5tal  

r$uction cr$it allocat$ among c]ta9     
,/ates  7i7 ,9 g5]al ,! unus$ r5tal     
r$uction cr$it ( a ,/ate = any cal5d>   
ye> %all be assign$ to ! ,secret>y =    
allocation among qualifi$ ,/ates = !    
succe$+ cal5d> ye>4  7ii7 ,unus$ r5tal  
r$uction cr$it ,= purposes ( ?is        
subp>agraph1 ! unus$ r5tal r$uction     
cr$it ( a ,/ate = any cal5d> ye> is !   
excess 7if any7 (--  7,i7 ! ,/ate r5tal 
r$uction cr$it ceil+ = ! ye> prec$+ su* 
ye>1 ov]  7,,ii7 ! aggregate r5tal      
r$uction cr$it am\nts allocat$ = su*    
ye>4  7iii7 ,=mula = allocation ( unus$ 
cr$it among qualifi$ ,/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$ r5tal   
r$uction cr$its ( 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 r5tal r$uction
 cr$it ceil+ = ! prec$+ cal5d> ye>1 &   
7,,ii7 = :i* a reque/ is made 7n lat]   
?an ,may #a ( ! cal5d> ye>7 to receive  
an allocation "u clause 7iii74  7#e7    
,o!r def9itions ,= purposes ( ?is       
section-- 7,a7 ,r5tal r$uction cr$it    
ag5cy ,! t]m r5tal r$uction cr$it ag5cy 
means any ag5cy au?oriz$ by a ,/ate to  
c>ry out ?is subsection4 ,su*           
au?orization %all include !             
jurisdictions )9 ! ,/ate :]e ! ag5cy may
 allocate r5tal r$uction cr$it am\nts4  
7,b7 ,possessions treat$ z ,/ates ,! t]m
 ,/ate includes a possession ( ! ,unit$ 
,/ates4  7d7 ,t]ms relat+ to r5tal      
r$uction cr$it & requirem5ts ,= purposes
 ( ?is section--  7#a7 ,applicable      
p]c5tage ,! t]m applicable p]c5tage     
means1 ) respect to any qualifi$ build+1
 ! p]c5tage 7n great] ?an #aaj p]c5t7   

set by ! r5tal r$uction cr$it ag5cy at !
 "t x allocates ! r5tal r$uction cr$it  
am\nt to ! build+4  7#b7 ,cr$it p]iod   
7,a7 ,9 g5]al ,! t]m cr$it p]iod means1 
) respect to any qualifi$ build+1 !     
#ae-ye> p]iod beg9n+ ) ! fir/ mon? = :i*
 ! qualifi$ r5tal r$uction agreem5t is 9
 effect ) respect to ! build+4  7,b7    
,/ate option ,a r5tal r$uction cr$it    
ag5cy may provide a cr$it p]iod = any   
qualifi$ build+ :i* is less ?an #ae     
ye>s4  7#c7 ,eligible s5ior unit ,! t]m 
eligible s5ior unit means1 ) respect to 
any qualifi$ build+1 a unit-- 7,a7 :i*  
is occupi$ by an eligible t5ant1  7,b7 !
 r5t ( :i* = does n exce$ ! family r5tal
 paym5t requirem5t det]m9$ "u subsection
 7b77#c71 &  7,c7 :i* is c]tifi$ to !   
r5tal r$uction cr$it ag5cy z an eligible
 s5ior unit = purposes ( ?is section & !
 qualifi$ r5tal r$uction agreem5t4  7#d7
 ,eligible t5ant  7,a7 ,9 g5]al ,! t]m  
eligible t5ant means any individual if--
 7i7 ! individual's family income does n
 exce$ ! great] (--  7,i7 #cj p]c5t ( ! 

area m$ian gross income 7z det]m9$ "u   
section #db7;g77#a771 or  7,,ii7 !      
applicable pov]ty l9e = a family ( !    
size involv$1 &  7ii7 at lea/ #a ( !    
occupants ( ! unit 9 :i* ! individual w 
reside has atta9$ ! age ( #ee z ( !     
beg9n+ ( ! lease4  7,b7 ,applicable     
pov]ty l9e ,! t]m applicable pov]ty l9e 
means ! mo/ rec5tly publi%$ pov]ty l9e  
7)9 ! mean+ ( section #baaj7;c77#e7 ( ! 
,social ,security ,act 7#db ,u4,s4,c4   
#acig;jj7c77#e777 z ( ! "t ( !          
det]m9ation z to :e!r an individual is  
an eligible t5ant4  7#e7 ,family income 
,income ( a family %all be det]m9$ by ! 
taxpay] annually us+ ! me?od set =? 9 ! 
,/ate r5tal r$uction allocation plan4   
7e7 ,/ate r5tal r$uction allocation plan
  7#a7 ,adoption ( plan requir$ ,=      
purposes ( ?is section-- 7,a7 ea* ,/ate 
%all1 be=e ! allocation ( its ,/ate     
r5tal r$uction cr$it ceil+1 e/abli% & h 
9 effect a ,/ate r5tal r$uction         
allocation plan meet+ ! requirem5ts (   
?is subsection1 &  7,b7 not)/&+ any o!r 

provision ( ?is section1 ! r5tal        
r$uction cr$it am\nt allocat$ to any    
build+ %all be z]o unless su* am\nt 0   
allocat$ pursuant to a ,/ate r5tal      
r$uction allocation plan meet+ su*      
requirem5ts4  ,su* plan %all only be    
adopt$ aft] su* plan is made public & a 
reasonable p]iod ( "t has be5 all[$ =   
public comm5t4  7#b7 ,g5]al plan        
requirem5ts ,a plan %all meet !         
requirem5ts ( ?is subsection only if--  
7,a7 ! plan sets =? ! crit]ia &         
priorities :i* a r5tal r$uction cr$it   
ag5cy ( ! ,/ate %all use 9 allocat+ !   
,/ate r5tal r$uction cr$it ceil+ to     
eligible s5ior units )9 a build+1 &     
7,b7 ! plan provides t no cr$it         
allocation %all be made :i* is n 9      
accordance ) ! crit]ia & priorities set 
=? "u subp>agraph 7,a7 unless su* ag5cy 
provides a writt5 explanation to ! g5]al
 public = any cr$it allocation :i* is n 
s made & ! reasons :y su* allocation is 
necess>y4  ,9 e/abli%+ ! crit]ia &      
priorities describ$ 9 subp>agraph 7,a71 

! ,/ate %all take into acc\nt ! factors 
describ$ 9 subp>agraphs 7,b7 & 7,c7 (   
section #db7m77#a7 & %all1 to ! maximum 
ext5t possible1 coord9ate su* crit]ia & 
priorities ) ! ,/ate's qualifi$         
allocation plan "u section #db4  7#c7   
,specific requirem5ts ,a plan %all meet 
! requirem5ts ( ?is subsection only if--
 7,a7 ! plan provides me?ods = det]m9+--
  7i7 ! am\nt ( r5t :i* w\ld be *>g$ = a
 sub/antially simil> unit 9 ! same      
build+ :i* is n an eligible s5iors unit 
= purposes ( subsection 7b77#b77;,a71 & 
7ii7 ! applicable p]c5tage "u subsection
 7d77#a71  7,b7 ! plan provides a       
proc$ure t ! r5tal r$uction cr$it ag5cy 
7or an ag5t or o!r private contractor ( 
su* ag5cy7 w foll[ 9 monitor+ =--  7i7  
noncompliance ) ! provisions ( ?is      
section & ! qualifi$ r5tal r$uction     
agreem5t & 9 notify+ ! ,int]nal ,rev5ue 
,s]vice ( any su* noncompliance ( :i* ! 
ag5cy becomes aw>e1 &  7ii7             
noncompliance ) habitability /&>ds ?r\gh
 regul> site visits1 &  7,c7 ! plan     

requires a p]son receiv+ a cr$it        
allocation to report to ! r5tal r$uction
 cr$it ag5cy su* in=mation z is necess>y
 to ensure compliance ) ! provisions (  
?is section & ! qualifi$ r5tal r$uction 
agreem5t4  7f7 ,qualifi$ r5tal r$uction 
agreem5t ,= purposes ( ?is section--    
7#a7 ,9 g5]al ,! t]m qualifi$ r5tal     
r$uction agreem5t means1 ) respect to   
any resid5tial r5tal prop]ty 7z def9$ 9 
section #afh7;e77#b77;,a771 a writt51   
b9d+ agreem5t betwe5 a r5tal r$uction   
cr$it ag5cy & ! own] ( su* build+ :i*   
specifies--  7,a7 ! numb] ( eligible    
s5ior units )9 su* build+ = :i* a r5tal 
r$uction cr$it am\nt is be+ allocat$1   
7,b7 ! cr$it p]iod = su* build+1  7,c7 !
 r5tal r$uction cr$it am\nt allocat$ to 
su* build+ 7& dwell+ units )9 su*       
build+71  7,d7 ! applicable p]c5tage to 
be us$ 9 comput+ ! qualifi$ r5tal       
r$uction am\nts ) respect to ! build+1 &
  7,e7 ! me?od = det]m9+ ! am\nt ( r5t  
:i* may be *>g$ = eligible s5ior units  
)9 ! build+4  7#b7 ,compliance          

requirem5ts ,a qualifi$ r5tal r$uction  
agreem5t %all provide t ! own] ( a      
build+ receiv+ a r5tal r$uction cr$it   
am\nt %all comply ) all report+ & o!r   
proc$ures e/abli%$ by ! ,/ate to ensure 
compliance ) ?is section & ! agreem5t4  
7#c7 ,projects ,9 ! case ( a r5tal      
r$uction cr$it allocat$ to a project    
consi/+ ( m ?an #a build+1 ! r5tal      
r$uction cr$it ag5cy may provide = a    
s+le qualifi$ r5tal r$uction agreem5t   
:i* applies to all build+s :i* are "p ( 
! project4  7g7 ,transf] ( cr$it  7#a7  
,9 g5]al ,subject to p>agraph 7#b7 & su*
 regulations or o!r guidance z !        
,secret>y may provide1 ! taxpay] may    
transf] to any p]son all or a portion ( 
! cr$it all[able to ! taxpay] "u        
subsection 7a7 = any taxable ye> )      
respect to a build+4  7#b7 ,c]tification
 ,a transf] "u p>agraph 7#a7 %all be    
accompani$ by a c]tificate :i*          
includes-- 7,a7 ! qualifi$ r5tal        
r$uction agreem5t = ! build+1  7,b7 !   
taxpay]'s "n1 address1 & tax            

id5tification numb]1  7,c7 ! transf]ee's
 "n1 address1 & tax id5tification numb]1
  7,d7 ! am\nt ( cr$it be+ transf]r$ =  
ea* taxable ye> ( ! taxpay]1 &  7,e7 su*
 o!r in=mation z may be requir$ by !    
,secret>y4  7#c7 ,tax treatm5t ( transf]
  7,a7 ,disall[ance ( d$uction ,no      
d$uction %all be all[$ = any am\nt (    
consid]ation paid or incurr$ by !       
transf]ee 9 return = ! transf] ( any    
cr$it "u ?is p>agraph4  7,b7 ,all[ance (
 cr$it ,! am\nt ( cr$it transf]r$ "u    
subp>agraph 7,a7-- 7i7 %all n be all[$  
to ! transf]or = any taxable ye>1 &     
7ii7 %all be all[able to ! transf]ee z a
 cr$it "u ?is section = ! taxable ye> ( 
! transf]ee 9 :i* su* cr$it is          
transf]r$4  7#d7 ,in=mation report+ ,!  
transf]or & ! transf]ee %all ea* make   
su* reports reg>d+ ! transf] ( an am\nt 
( cr$it "u p>agraph 7#a71 & conta9+ su* 
in=mation1 z ! ,secret>y may require4 ,!
 reports requir$ by ?is p>agraph %all be
 fil$ at su* "t & 9 su* mann] z may be  
requir$ by ! ,secret>y4  7h7            

,c]tifications & o!r reports to         
,secret>y  7#a7 ,c]tification ) respect 
to #a/ ye> ( cr$it p]iod ,foll[+ ! close
 ( ! #a/ taxable ye> 9 ! cr$it p]iod )  
respect to any qualifi$ build+1 !       
taxpay] %all c]tify to ! ,secret>y 7at  
su* "t & 9 su* =m & 9 su* mann] z !     
,secret>y prescribes7--  7,a7 !         
in=mation describ$ 9 subsection 7f77#a7 
requir$ to be conta9$ 9 ! qualifi$ r5tal
 r$uction agreem5t ) respect to !       
build+1  7,b7 ! transf]ee 7if any7 ( !  
cr$it "u subsection 7g71 &  7,c7 su* o!r
 in=mation z ! ,secret>y may require4   
,9 ! case ( a failure to make !         
c]tification requir$ by ! prec$+ s5t5ce 
on ! date prescrib$ !re=1 unless x is   
%[n t su* failure is due to reasonable  
cause & n to willful neglect1 no cr$it  
%all be all[able by reason ( subsection 
7a7 ) respect to su* build+ = any       
taxable ye> end+ be=e su* c]tification  
is made4  7#b7 ,annual reports to !     
,secret>y ,! ,secret>y may require      
taxpay]s to submit an in=mation return  

7at su* "t & 9 su* =m & mann] z !       
,secret>y prescribes7 = ea* taxable ye> 
sett+ =?--  7,a7 ! in=mation describ$ 9 
p>agraph 7#a77;,a7 = ! taxable ye>1 &   
7,b7 su* o!r in=mation z ! ,secret>y may
 require4  ,! p5alty "u section         
#ffeb7;j7 %all apply to any failure to  
submit ! return requir$ by ! ,secret>y  
"u ! prec$+ s5t5ce on ! date prescrib$  
!re=4  7#c7 ,annual reports f h\s+ cr$it
 ag5cies ,ea* ag5cy :i* allocates any   
h\s+ cr$it am\nt to #a or m build+s =   
any cal5d> ye> %all submit to !         
,secret>y 7at su* "t & 9 su* mann] z !  
,secret>y %all prescribe7 an annual     
report specify+--  7,a7 ! am\nt ( r5tal 
r$uction cr$it am\nts allocat$ to ea*   
su* build+ = su* ye>1  7,b7 suffici5t   
in=mation to id5tify ea* su* build+ & ! 
taxpay] ) respect !reto1  7,c7 in=mation
 z to ! demographic & income *>act]i/ics
 ( eligible t5ants ( all su* build+s to 
:i* su* am\nts 7 allocat$1 &  7,d7 su*  
o!r in=mation z ! ,secret>y may require4
  ,! p5alty "u section #ffeb7;j7 %all   

apply to any failure to submit ! report 
requir$ by ! prec$+ s5t5ce on ! date    
prescrib$ !re=4  4  7b7 ,treatm5t z "p (
 g5]al bus9ess cr$it  7#a7 ,9 g5]al     
,section #ch7;b7 ( ! ,int]nal ,rev5ue   
,code ( #aihf is am5d$ by /rik+ plus at 
! end ( p>agraph 7#ca71 by /rik+ ! p]iod
 at ! end ( p>agraph 7#cb7 & ins]t+ 1   
plus1 & by add+ at ! end ! foll[+ new   
p>agraph3  7#cc7 ! l[-income s5iors r5t 
cr$it det]m9$ "u section #de,t7a74  4   
7#b7 ,all[ance aga9/ m9imum tax ,section
 #ch7;c77#d77;,b7 ( su* ,code is am5d$  
by r$esignat+ clauses 7x71 7xi71 & 7xii7
 z clauses 7xi71 7xii71 & 7x77iii71     
respectively1 & by ins]t+ aft] clause   
7ix7 ! foll[+ new clause3  7x7 !        
l[-income s5iors r5t cr$it det]m9$ "u   
section #de,t7a71  4  7c7 ,con=m+       
am5dm5ts  7#a7 ,subsections             
7i77#c77;,c71 7i77#f77;,b77i71 & 7k77#a7
 ( section #dfi ( su* ,code are ea*     
am5d$ by ins]t+ or #de,t aft] #db4  7#b7
 ,! table ( sections = subp>t ,d ( "p   
,,iv ( sub*apt] ,a ( *apt] #a ( su*     

,code is am5d$ by ins]t+ at ! end !     
foll[+ new item3  ,sec4 #db;,a4         
,l[-income s5iors r5t cr$it4  4  7d7    
,effective date ,! am5dm5ts made by ?is 
section %all apply to taxable ye>s      
beg9n+ aft] ,decemb] #ca1 #bjah4