,,ii #aae? ,,congress #a/ ,session ,s4 #edh ,,9 ,,! ,,s5ate ,,( ,,! ,,unit$ ,,/ates ,m>* #g1 #bjag,ms4 ,cantwell 7= h]self1 ,mr4 ,hat*1 ,mr4 ,wyd51 ,mr4 ,s*um]1 ,mr4 ,s*atz1 ,mr4 ,leahy1 ,mr4 ,hell]1 ,mr4 ,m]kley1 ,mr4 ,book]1 ,ms4 ,murk[ski1 ,mr4 ,"y1 ,ms4 ,coll9s1 & ,mr4 ,b5net7 introduc$ ! foll[+ bill2 :i* 0 read twice & ref]r$ to ! ,committee on ,f9ance ,a ,,bill ,to am5d ! ,int]nal ,rev5ue ,code ( #aihf to re=m ! l[-income h\s+ cr$it1 & = o!r purposes4 #a4 ,%ort title2 table ( cont5ts 7a7 ,%ort title ,?is ,act may be cit$ z ! ,af=dable ,h\s+ ,cr$it ,improvem5t ,act ( #bjag4 7b7 ,table ( cont5ts ,! table ( cont5ts = ?is ,act is z foll[s3 ,sec4 #a4 ,%ort title2 table ( cont5ts4 ,,title ,i--,re=m ( ,/ate allocation =mulas ,sec4 #aja4 ,increases 9 ,/ate allocations4 ,,title ,,ii--,re=ms relat+ to t5ant eligibility ,sec4 #bja4 ,av]age income te/4 ,sec4 #bjb4 ,uni=m income eligibility = rural projects4 ,sec4 #bjc4 ,codification ( rules relat+ to increas$ t5ant income4 ,sec4 #bjd4 ,modification ( /ud5t occupancy rules4 ,sec4 #bje4 ,t5ant v\*] paym5ts tak5 into acc\nt z r5t = c]ta9 purposes4 ,,title ,,iii--,cr$it rate & o!r rules relat+ to cr$it eligibility & det]m9ation ,sec4 #cja4 ,m9imum cr$it rate4 ,sec4 #cjb4 ,recon/ruction or replacem5t p]iod aft] casualty loss4 ,sec4 #cjc4 ,modification ( rights relat+ to build+ pur*ase4 ,sec4 #cjd4 ,modification ( #aj-ye> rule2 limitation on acquisition basis4 ,sec4 #cje4 ,c]ta9 relocation co/s tak5 into acc\nt z rehabilitation exp5ditures4 ,sec4 #cjf4 ,repeal ( qualifi$ c5sus tract population cap4 ,sec4 #cjg4 ,det]m9ation ( community revitalization plan to be made by h\s+ cr$it ag5cy4 ,sec4 #cjh4 ,prohibition ( local approval & contribution requirem5ts4 ,sec4 #cji4 ,increase 9 cr$it = c]ta9 projects designat$ to s]ve extremely l[-income h\seholds4 ,sec4 #caj4 ,increase 9 cr$it = bond-f9anc$ projects designat$ by ,/ate ag5cy4 ,sec4 #caa4 ,elim9ation ( basis r$uction = l[-income h\s+ prop]ties receiv+ c]ta9 en]gy b5efits4 ,sec4 #cab4 ,re/riction ( plann$ =eclosures4 ,sec4 #cac4 ,increase ( population cap = difficult developm5t areas4 ,,title ,,iv--,re=ms relat+ to ,native ,am]ican assi/ance ,sec4 #dja4 ,selection crit]ia "u qualifi$ allocation plans4 ,sec4 #djb4 ,inclusion ( ,indian areas z difficult developm5t areas = purposes ( c]ta9 build+s4 ,,title ,v--,af=dable h\s+ tax cr$it ,sec4 #eja4 ,af=dable h\s+ tax cr$it4 ,i ,re=m ( ,/ate allocation =mulas #aja4 ,increases 9 ,/ate allocations 7a7 ,phase-,9 ( increases 7#a7 ,9 g5]al ,clause 7ii7 ( section #db7;h77#c77;,c7 ( ! ,int]nal ,rev5ue ,code ( #aihf is am5d$-- 7,a7 by /rik+ #a4ge 9 subclause 7,i7 & ins]t+ ! p] capita doll> am\nt1 & 7,b7 by /rik+ #b1jjj1jjj 9 subclause 7,,ii7 & ins]t+ ! m9imum ceil+ am\nt4 7#b7 ,p] capita doll> am\nt2 m9imum ceil+ am\nt ,subp>agraph 7,i7 ( section #db7;h77#c7 ( su* ,code is am5d$ to read z foll[s3 7,i7 ,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-- 7,i7 = cal5d> ye> #bjag1 #b4ce1 7,,ii7 = cal5d> ye> #bjah1 #b4ei1 7,,iii7 = cal5d> ye> #bjai1 #b4hb1 7,,iv7 = cal5d> ye> #bjbj1 #c4jf1 7,v7 = cal5d> ye> #bjba1 #c4bi1 & 7,,vi7 #c4ec !reaft]4 7ii7 ,m9imum ceil+ am\nt ,! m9imum ceil+ am\nt is-- 7,i7 = cal5d> ye> #bjag1 #b1gaj1jjj1 7,,ii7 = cal5d> ye> #bjah1 #b1iha1jjj1 7,,iii7 = cal5d> ye> #bjai1 #c1beb1jjj1 7,,iv7 = cal5d> ye> #bjbj1 #c1ebc1jjj1 7,v7 = cal5d> ye> #bjba1 #c1gid1jjj1 & 7,,vi7 #d1jfe1jjj !reaft]4 4 7#c7 ,modification ( co/-(-liv+ adju/m5t ,subp>agraph 7,h7 ( section #db7;h77#c7 ( su* ,code is am5d$-- 7,a7 by /rik+ #bjjb 9 clause 7i7 & ins]t+ #bjag1 7,b7 by /rik+ ! #b1jjj1jjj & #a4ge am\nts 9 subp>agraph 7,c7 9 clause 7i7 & ins]t+ ! doll> am\nts applicable to su* cal5d> ye> "u clauses 7i7 & 7ii7 ( subp>agraph 7,i71 7,c7 by /rik+ #bjja 9 clause 7i77,,ii7 & ins]t+ #bjaf1 7,d7 by /rik+ #b1jjj1jjj 9 clause 7ii77,i7 & ins]t+ m9imum ceil+1 & 7,e7 by /rik+ #a4ge 9 clause 7ii77,,ii7 & ins]t+ p] capita doll>4 7#d7 ,effective date ,! am5dm5ts made by ?is subsection %all apply to cal5d> ye>s beg9n+ aft] ,decemb] #ca1 #bjag4 7b7 ,p]man5t increases 7#a7 ,9 g5]al ,clause 7ii7 ( section #db7;h77#c77;,c7 ( ! ,int]nal ,rev5ue ,code ( #aihf1 z am5d$ by subsection 7a77#a71 is am5d$-- 7,a7 by /rik+ ! p] capita doll> am\nt 9 subclause 7,i7 & ins]t+ #c4ec1 & 7,b7 by /rik+ ! m9imum ceil+ am\nt 9 subclause 7,,ii7 & ins]t+ #d1jfe1jjj4 7#b7 ,con=m+ am5dm5t ,p>agraph 7#c7 ( section #db7;h7 ( su* ,code is am5d$ by /rik+ subp>agraph 7,i71 z am5d$ by subsection 7a77#b74 7#c7 ,co/-(-liv+ adju/m5t ,subp>agraph 7,h7 ( section #db7;h77#c7 ( su* ,code1 z am5d$ by subsection 7a77#c71 is am5d$-- 7,a7 by /rik+ ! doll> am\nts applicable to su* cal5d> ye> "u clauses 7i7 & 7ii7 ( subp>agraph 7,i7 9 clause 7i7 & ins]t+ ! #d1jfe1jjj & #c4ec am\nts 9 subp>agraph 7,c71 7,b7 by /rik+ m9imum ceil+ 9 clause 7ii77,i7 & ins]t+ #d1jfe1jjj1 & 7,c7 by /rik+ p] capita doll> 9 clause 7ii77,,ii7 & ins]t+ #c4ec4 7#d7 ,effective date ,! am5dm5ts made by ?is subsection %all apply to cal5d> ye>s beg9n+ aft] ,decemb] #ca1 #bjbb4 ,,ii ,re=ms relat+ to t5ant eligibility #bja4 ,av]age income te/ 7a7 ,9 g5]al ,p>agraph 7#a7 ( section #db7;g7 ( ! ,int]nal ,rev5ue ,code ( #aihf is am5d$-- 7#a7 by /rik+ subp>agraph 7,a7 or 7,b7 & ins]t+ subp>agraph 7,a71 7,b71 or 7,c71 & 7#b7 by ins]t+ aft] subp>agraph 7,b7 ! foll[+ new subp>agraph3 7,c7 ,av]age income te/ 7i7 ,9 g5]al ,! project meets ! m9imum requirem5ts ( ?is subp>agraph if #dj p]c5t or m 7#be p]c5t or m 9 ! case ( a project describ$ 9 section #adb7;d77#f77 ( ! resid5tial units 9 su* project are bo? r5t-re/rict$ & occupi$ by individuals ^: income does n exce$ ! imput$ income limitation designat$ by ! taxpay] ) respect to ! respective unit4 7ii7 ,special rules relat+ to income limitation ,= purposes ( clause 7i7-- 7,i7 ,designation ,! taxpay] %all designate ! imput$ income limitation ( ea* unit tak5 into acc\nt "u su* clause4 7,,ii7 ,av]age te/ ,! av]age ( ! imput$ income limitations designat$ "u subclause 7,i7 %all n exce$ #fj p]c5t ( area m$ian gross income4 7,,iii7 #aj-p]c5t increm5ts ,! designat$ imput$ income limitation ( any unit "u subclause 7,i7 %all be #bj p]c5t1 #cj p]c5t1 #dj p]c5t1 #ej p]c5t1 #fj p]c5t1 #gj p]c5t1 or #hj p]c5t ( area m$ian gross income4 4 7b7 ,rules relat+ to next available unit ,subp>agraph 7,d7 ( section #db7;g77#b7 ( ! ,int]nal ,rev5ue ,code ( #aihf is am5d$-- 7#a7 9 clause 7i71 by /rik+ clause 7ii7 & ins]t+ clauses 7ii71 7iii71 & 7iv71 7#b7 9 clause 7ii7-- 7,a7 by /rik+ ,if & ins]t+ ,9 ! case ( a project ) respect to :i* ! taxpay] elects ! requirem5ts ( subp>agraph 7,a7 or 7,b7 ( p>agraph 7#a71 if1 7,b7 by /rik+ ! second s5t5ce1 & 7,c7 by /rik+ ,next available unit mu/ be r5t$ to l[-income t5ant if income rises above #adj p]c5t ( income limit 9 ! head+ & ins]t+ ,r5tal ( next available unit 9 case ( #bj-ej or #dj-fj te/1 & 7#c7 by add+ at ! end ! foll[+ new clauses3 7iii7 ,r5tal ( next available unit 9 case ( av]age income te/ ,9 ! case ( a project ) respect to :i* ! taxpay] elects ! requirem5ts ( subp>agraph 7,c7 ( p>agraph 7#a71 if ! income ( ! occupants ( ! unit increases above #adj p]c5t ( ! great] (-- 7,i7 #fj p]c5t ( area m$ian gross income1 or 7,,ii7 ! imput$ income limitation designat$ ) respect to ! unit "u p>agraph 7#a77;,c77ii77,i71 clause 7i7 %all cease to apply to any su* unit if any resid5tial r5tal unit 9 ! build+ 7( a size comp>able to1 or small] ?an1 su* unit7 is occupi$ by a new resid5t ^: income exce$s ! limitation describ$ 9 clause 7v74 7iv7 ,deep r5t skew$ projects ,9 ! case ( a project describ$ 9 section #adb7;d77#d77;,b71 clause 7ii7 or 7iii71 :i*ev] is applicable1 %all be appli$ by sub/itut+ #agj p]c5t = #adj p]c5t1 &-- 7,i7 9 ! case ( clause 7ii71 by sub/itut+ any l[-income unit 9 ! build+ is occupi$ by a new resid5t ^: income exce$s #dj p]c5t ( area m$ian gross income = any resid5tial r5tal unit & all t foll[s 9 su* clause1 & 7,,ii7 9 ! case ( clause 7iii71 by sub/itut+ any l[-income unit 9 ! build+ is occupi$ by a new resid5t ^: income exce$s ! less] ( #dj p]c5t ( area m$ian gross income or ! imput$ income limitation designat$ ) respect to su* unit "u p>agraph 7#a77;,c77ii77,i7 = any resid5tial r5tal unit & all t foll[s 9 su* clause4 7v7 ,limitation describ$ ,= purposes ( clause 7iii71 ! limitation describ$ 9 ?is clause ) respect to any unit is-- 7,i7 ! imput$ income limitation designat$ ) respect to su* unit "u p>agraph 7#a77;,c77ii77,i71 9 ! case ( a unit :i* 0 tak5 into acc\nt z a l[-income unit prior to becom+ vacant1 & 7,,ii7 ! imput$ income limitation :i* w\ld h to be designat$ ) respect to su* unit "u su* p>agraph 9 ord] = ! project to cont9ue to meet ! requirem5ts ( p>agraph 7#a77;,c77ii77,,ii71 9 ! case ( any o!r unit4 4 7c7 ,effective date ,! am5dm5ts made by ?is section %all apply to elections made "u section #db7;g77#a7 ( ! ,int]nal ,rev5ue ,code ( #aihf aft] ! date ( ! enactm5t ( ?is ,act4 #bjb4 ,uni=m income eligibility = rural projects 7a7 ,9 g5]al ,p>agraph 7#h7 ( section #db7;i7 ( ! ,int]nal ,rev5ue ,code ( #aihf is am5d$ by /rik+ ! second s5t5ce4 7b7 ,effective date ,! am5dm5t made by ?is section %all apply to taxable ye>s beg9n+ aft] ,decemb] #ca1 #bjag4 #bjc4 ,codification ( rules relat+ to increas$ t5ant income 7a7 ,9 g5]al ,clause 7i7 ( section #db7;g77#b77;,d7 ( ! ,int]nal ,rev5ue ,code ( #aihf1 z am5d$ by ?is ,act1 is am5d$ by /rik+ clauses 7ii71 7iii71 & 7iv7 & all t foll[s & ins]t+ 8clauses 7ii71 7iii71 7iv71 & 7vi71 not)/&+ an increase 9 ! income ( ! occupants above ! income limitation applicable "u p>agraph 7#a7-- 7,i7 a l[-income unit %all cont9ue to be treat$ z a l[-income unit if ! income ( su* occupants initially 0 #fj p]c5t or less ( area m$ian gross income & su* unit cont9ues to be r5t-re/rict$1 & 7,,ii7 a unit to :i*1 at ! "t ( initial occupancy by su* occupants1 any ,f$]al1 ,/ate1 or local gov]nm5t income re/riction appli$1 & :i* subsequ5tly becomes "p ( a build+ ) respect to :i* rehabilitation exp5ditures are tak5 into acc\nt "u subsection 7e71 %all be treat$ z a l[-income unit if ! income ( su* occupants initially 0 #fj p]c5t or less ( area m$ian gross income & does n exce$ #abj p]c5t ( area m$ian gross income z ( ! date ( acquisition ( ! prop]ty by ! taxpay]4 4 7b7 ,exception ,subp>agraph 7,d7 ( section #db7;g77#b7 ( ! ,int]nal ,rev5ue ,code ( #aihf1 z am5d$ by ?is ,act1 is am5d$ by add+ at ! end ! foll[+ new clause3 7vi7 ,exception to rule relat+ to increas$ t5ant income ,9 ! case ( an occupant ( a l[-income unit :o initially qualifi$ to occupy su* unit by reason ( p>agraph 7#a77;,c7 ) an income 9 excess ( #fj p]c5t ( area m$ian gross income b n 9 excess ( #hj p]c5t ( area m$ian gross income1 clause 7i7 %all be appli$ = sub/itut+ #hj p]c5t = #fj p]c5t ea* place x appe>s4 4 7c7 ,effective date ,! am5dm5ts made by ?is section %all apply to taxable ye>s beg9n+ aft] ,decemb] #ca1 #bjaf4 #bjd4 ,modification ( /ud5t occupancy rules 7a7 ,9 g5]al ,subp>agraph 7,d7 ( section #db7;i77#c7 ( ! ,int]nal ,rev5ue ,code ( #aihf is am5d$ to read z foll[s3 7,d7 ,rules relat+ to /ud5ts 7i7 ,9 g5]al ,a unit occupi$ solely by individuals :o-- 7,i7 h n atta9$ age #bd1 & 7,,ii7 are enroll$ 9 a full-"t c\rse ( /udy at an in/itution ( high] education 7z def9$ 9 section #ccjd7;f771 %all n be treat$ z a l[-income unit4 7ii7 ,exception = c]ta9 ,f$]al programs ,9 ! case ( a f$]ally assi/$ build+ 7z def9$ 9 subsection 7d77#f77;,c77i771 clause 7i7 %all n apply to a unit ! occupants ( :i* meet all requirem5ts applicable "u ! h\s+ program describ$ 9 subsection 7d77#f77;,c77i7 ?r\gh :i* ! build+ is assi/$1 f9anc$1 or op]at$4 7iii7 ,o!r exceptions ,clause 7i7 %all n apply to a unit occupi$ by an individual :o-- 7,i7 is m>ri$1 7,,ii7 is a p]son ) disabilities 7z def9$ 9 section #c7;b77#c77;,e7 ( ! ,unit$ ,/ates ,h\s+ ,act ( #aicg71 7,,iii7 is a vet]an 7z def9$ 9 section #aja7b7 ( title #ch1 ,unit$ ,/ates ,code71 7,,iv7 has "o or m qualify+ *ildr5 7z def9$ 9 section #aeb7;c771 or 7,v7 meets ! income limitation applicable "u subsection 7g77#a7 to ! project ( :i* ! build+ is a "p & is1 or 0 imm$iately prior to atta9+ ! age ( majority-- 7aa7 an emancipat$ m9or or 9 legal gu>dian%ip z det]m9$ by a c\rt ( compet5t jurisdiction 9 ! individual's ,/ate ( legal resid5ce1 7bb7 "u ! c>e & placem5t responsibility ( ! ,/ate ag5cy responsible = adm9i/]+ a plan "u "p ,b or "p ,e ( title ,,iv ( ! ,social ,security ,act1 or 7cc7 0 an unaccompani$ y\? 7)9 ! mean+ ( section #gbe7f7 ( ! ,mc,kinney-,v5to ,homeless ,assi/ance ,act 7#db ,u4,s4,c4 #aadcd;a7#f777 or a homeless *ild or y\? 7)9 ! mean+ ( section #gbe7b7 ( su* ,act 7#db ,u4,s4,c4 #aadcd;a7#b7774 4 7b7 ,effective date ,! am5dm5t made by ?is section %all apply to taxable ye>s beg9n+ aft] ,decemb] #ca1 #bjag4 #bje4 ,t5ant v\*] paym5ts tak5 into acc\nt z r5t = c]ta9 purposes 7a7 ,9 g5]al ,subp>agraph 7,b7 ( section #db7;g77#b7 ( ! ,int]nal ,rev5ue ,code ( #aihf is am5d$ by add+ at ! end ! foll[+ new s5t5ce3 ,9 ! case ( a project ) respect to :i* ! taxpay] elects ! requirem5ts ( subp>agraph 7,c7 ( p>agraph 7#a71 or ! portion ( a project to :i* subsection 7d77#e77;,c7 applies1 clause 7i7 %all n apply ) respect to any t5ant-bas$ assi/ance 7z def9$ 9 section #h7;f77#g7 ( ! ,unit$ ,/ates ,h\s+ ,act ( #aicg 7#db ,u4,s4,c4 #adcg;f7f77#g77744 7b7 ,effective date ,! am5dm5ts made by ?is section %all apply to r5t paid 9 taxable ye>s beg9n+ aft] ,decemb] #ca1 #bjag4 ,,iii ,cr$it rate & o!r rules relat+ to cr$it eligibility & det]m9ation #cja4 ,m9imum cr$it rate 7a7 ,9 g5]al ,subsection 7b7 ( section #db ( ! ,int]nal ,rev5ue ,code ( #aihf is am5d$-- 7#a7 by r$esignat+ p>agraph 7#c7 z p>agraph 7#d71 & 7#b7 by ins]t+ aft] p>agraph 7#b7 ! foll[+ new p>agraph3 7#c7 ,m9imum cr$it rate ,9 ! case ( any new or exi/+ build+ to :i* p>agraph 7#b7 does n apply & :i* is plac$ 9 s]vice by ! taxpay] aft] ,decemb] #ca1 #bjaf1 ! applicable p]c5tage %all n be less ?an #d p]c5t4 4 7b7 ,effective date ,! am5dm5ts made by ?is section %all apply to build+s plac$ 9 s]vice aft] ,decemb] #ca1 #bjaf4 #cjb4 ,recon/ruction or replacem5t p]iod aft] casualty loss 7a7 ,9 g5]al ,subp>agraph 7,e7 ( section #db7;j77#d7 ( ! ,int]nal ,rev5ue ,code ( #aihf is am5d$ by /rik+ a reasonable p]iod e/abli%$ by ! ,secret>y & ins]t+ a reasonable p]iod e/abli%$ by ! applicable h\s+ cr$it ag5cy 7n to exce$ #be mon?s f ! date on :i* ! casualty loss arises74 ,! det]m9ation "u p>agraph 7#a7 %all n be made ) respect to a prop]ty ! basis ( :i* is affect$ by a casualty loss until ! p]iod describ$ 9 ! prec$+ s5t5ce ) respect to su* prop]ty has expir$44 7b7 ,effective date ,! am5dm5t made by ?is section %all apply to casualty losses aris+ aft] ! date ( ! enactm5t ( ?is ,act4 #cjc4 ,modification ( rights relat+ to build+ pur*ase 7a7 ,9 g5]al ,subp>agraph 7,a7 ( section #db7;i77#g7 ( ! ,int]nal ,rev5ue ,code ( #aihf is am5d$-- 7#a7 by /rik+ a "r ( #a/ refusal & ins]t+ an option1 & 7#b7 by /rik+ ! prop]ty & ins]t+ ! prop]ty or a p>tn]%ip int]e/ relat+ to ! prop]ty4 7b7 ,con=m+ am5dm5t ,subp>agraph 7,b7 ( section #db7;i77#g7 ( ! ,int]nal ,rev5ue ,code ( #aihf is am5d$ by add+ at ! end ! foll[+ new s5t5ce3 ,9 ! case ( a pur*ase ( a p>tn]%ip int]e/1 ! m9imum pur*ase price is an am\nt equal to su* int]e/'s ratable %>e ( ! am\nt det]m9$ "u ! fir/ s5t5ce ( ?is subp>agraph44 7c7 ,effective date ,! am5dm5ts made by ?is section %all apply to agreem5ts ent]$ into or am5d$ aft] ! date ( ! enactm5t ( ?is ,act4 #cjd4 ,modification ( #aj-ye> rule2 limitation on acquisition basis 7a7 ,9 g5]al ,clause 7ii7 ( section #db7;d77#b77;,b7 ( ! ,int]nal ,rev5ue ,code ( #aihf is am5d$ by ins]t+ 1 or ! taxpay] elects ! application ( subp>agraph 7,c77ii7 aft] s]vice4 7b7 ,limitation on acquisition basis ,subp>agraph 7,c7 ( section #db7;d77#b7 ( ! ,int]nal ,rev5ue ,code ( #aihf is am5d$-- 7#a7 by /rik+ ,= purposes ( subp>agraph 7,a71 ! adju/$ basis & ins]t+ 8,= purposes ( subp>agraph 7,a7-- 7i7 ,9 g5]al ,! adju/$ basis 1 & 7#b7 by add+ at ! end ! foll[+ new clauses3 7ii7 ,build+s 9 s]vice )9 previ\s #aj ye>s ,if ! p]iod betwe5 ! date ( acquisition ( ! build+ by ! taxpay] & ! date ! build+ 0 la/ plac$ 9 s]vice is less ?an #aj ye>s1 ! taxpay]'s basis attributable to ! acquisition ( ! build+ :i* is tak5 into acc\nt 9 det]m9+ ! adju/$ basis %all n exce$ ! sum (-- 7,i7 ! l[e/ am\nt paid = acquisition ( ! build+ by any p]son dur+ ! #aj ye>s prec$+ ! date ( ! acquisition ( ! build+ by ! taxpay]1 adju/$ z provid$ 9 clause 7iii71 & 7,,ii7 ! value ( any capital improvem5ts made by ! p]son :o sells ! build+ to ! taxpay] :i* are reflect$ 9 su* sell]'s basis4 7iii7 ,adju/m5t ,) respect to a basis det]m9ation made 9 any taxable ye>1 ! am\nt describ$ 9 clause 7ii77,i7 %all be increas$ by an am\nt equal to-- 7,i7 su* am\nt1 multipli$ by 7,,ii7 a co/-(-liv+ adju/m5t1 det]m9$ 9 ! same mann] z "u section #a7;f77#c7 = ! cal5d> ye> 9 :i* ! taxable ye> beg9s by tak+ into acc\nt ! acquisition ye> 9 lieu ( cal5d> ye> #aiib4 ,= purposes ( ! prec$+ s5t5ce1 ! acquisition ye> is ! cal5d> ye> 9 :i* ! l[e/ am\nt ref]5c$ 9 clause 7ii77,i7 0 paid = ! acquisition ( ! build+4 4 7c7 ,con=m+ am5dm5ts ,clause 7i7 ( section #db7;d77#b77;,d7 ( ! ,int]nal ,rev5ue ,code ( #aihf is am5d$-- 7#a7 by /rik+ = subp>agraph 7,b7 9 ! head+1 & 7#b7 by /rik+ subp>agraph 7,b77ii7 9 ! matt] prec$+ subclause 7,i7 & ins]t+ subp>agraph 7,b77ii7 or 7,c77ii74 7d7 ,effective date ,! am5dm5ts made by ?is section %all apply to build+s plac$ 9 s]vice aft] ,decemb] #ca1 #bjaf4 #cje4 ,c]ta9 relocation co/s tak5 into acc\nt z rehabilitation exp5ditures 7a7 ,9 g5]al ,p>agraph 7#b7 ( section #db7;e7 ( ! ,int]nal ,rev5ue ,code ( #aihf is am5d$ by add+ at ! end ! foll[+ new subp>agraph3 7,c7 ,c]ta9 relocation co/s ,9 ! case ( a rehabilitation ( a build+ to :i* section #bhj;,b does n apply1 co/s relat+ to ! relocation ( occupants1 includ+-- 7i7 am\nts paid to occupants1 7ii7 am\nts paid to ?ird p>ties = s]vices relat+ to su* relocation1 & 7iii7 am\nts paid = tempor>y h\s+ = occupants1 %all be treat$ z *>geable to capital acc\nt & tak5 into acc\nt z rehabilitation exp5ditures4 4 7b7 ,effective date ,! am5dm5t made by ?is section %all apply to exp5ditures paid or incurr$ aft] ,decemb] #ca1 #bjaf4 #cjf4 ,repeal ( qualifi$ c5sus tract population cap 7a7 ,9 g5]al ,clause 7ii7 ( section #db7;d77#e77;,b7 ( ! ,int]nal ,rev5ue ,code ( #aihf is am5d$-- 7#a7 by /rik+ subclauses 7,,ii7 & 7,,iii71 & 7#b7 by /rik+ 8,qualifi$ c5sus tract4-- 7,i7 ,9 g5]al ,! t]m 1 & ins]t+ ,qualifi$ c5sus tract4--,! t]m4 7b7 ,te*nical corrections ,sections #db7;d77#d77;,c77i7 & #db7m77#a77;,b77ii77,,iii7 ( ! ,int]nal ,rev5ue ,code ( #aihf are ea* am5d$ by /rik+ z def9$ 9 p>agraph 7#e77;,c7 & ins]t+ z def9$ 9 p>agraph 7#e77;,b77ii74 7c7 ,effective date ,! am5dm5t made by subsection 7a7 %all apply to designations ( qualifi$ c5sus tracts "u section #db7;d77#e77;,b77ii7 ( ! ,int]nal ,rev5ue ,code ( #aihf aft] ,decemb] #ca1 #bjag4 #cjg4 ,det]m9ation ( community revitalization plan to be made by h\s+ cr$it ag5cy 7a7 ,9 g5]al ,subclause 7,,iii7 ( section #db7m77#a77;,b77ii7 ( ! ,int]nal ,rev5ue ,code ( #aihf is am5d$ by ins]t+ 1 z det]m9$ by ! h\s+ cr$it ag5cy accord+ to crit]ia e/abli%$ by su* ag5cy1 aft] 7d77#e77;,c77 &4 7b7 ,crit]ia ,p>agraph 7#a7 ( section #db7m7 ( ! ,int]nal ,rev5ue ,code ( #aihf is am5d$ by add+ at ! end ! foll[+ new subp>agraph3 7,e7 ,crit]ia = det]m9ation relat+ to conc]t$ community revitalization plan ,= purposes ( subp>agraph 7,b77ii77,,iii71 ! crit]ia :i* %all be e/abli%$ by a h\s+ cr$it ag5cy = det]m9+ :e!r ! developm5t ( a project contributes to a conc]t$ community developm5t plan %all take into acc\nt any factors ! ag5cy deems appropriate1 includ+ ! ext5t to :i* ! propos$ plan-- 7i7 is geographically specific1 7ii7 outl9es a cle> plan = implem5tation & goals = outcomes1 7iii7 includes a /rategy = apply+ = or obta9+ commitm5ts ( public or private inve/m5t 7or bo?7 9 nonh\s+ infra/ructure1 am5ities1 or s]vices1 & 7iv7 demon/rates ! ne$ = community revitalization4 4 7c7 ,effective date ,! am5dm5ts made by ?is section %all apply to allocations ( h\s+ cr$it doll> am\nts made "u qualifi$ allocation plans 7z def9$ 9 section #db7m77#a77;,b7 ( ! ,int]nal ,rev5ue ,code ( #aihf7 adopt$ aft] ,decemb] #ca1 #bjag4 #cjh4 ,prohibition ( local approval & contribution requirem5ts 7a7 ,9 g5]al ,p>agraph 7#a7 ( section #db7m7 ( ! ,int]nal ,rev5ue ,code ( #aihf1 z am5d$ by section #cjg1 is fur!r am5d$-- 7#a7 by /rik+ clause 7ii7 ( subp>agraph 7,a7 & by r$esignat+ clauses 7iii7 & 7iv7 !re( z clauses 7ii7 & 7iii71 & 7#b7 by add+ at ! end ! foll[+ new subp>agraph3 7,f7 ,local approval or contribution n tak5 into acc\nt ,! selection crit]ia "u a qualifi$ allocation plan %all n include consid]ation (-- 7i7 any support or opposition ) respect to ! project f local or elect$ (ficials1 or 7ii7 any local gov]nm5t contribution to ! project1 except to ! ext5t su* contribution is tak5 into acc\nt z "p ( a broad] consid]ation ( ! project's ability to lev]age outside fund+ s\rces1 & is n prioritiz$ ov] any o!r s\rce ( outside fund+4 4 7b7 ,effective date ,! am5dm5ts made by ?is section %all apply to allocations ( h\s+ cr$it doll> am\nts made aft] ,decemb] #ca1 #bjag4 #cji4 ,increase 9 cr$it = c]ta9 projects designat$ to s]ve extremely l[-income h\seholds 7a7 ,9 g5]al ,p>agraph 7#e7 ( section #db7;d7 ( ! ,int]nal ,rev5ue ,code ( #aihf is am5d$ by add+ at ! end ! foll[+ new subp>agraph3 7,c7 ,increase 9 cr$it = projects designat$ to s]ve extremely l[-income h\seholds ,9 ! case ( any build+-- 7i7 #bj p]c5t or m ( ! resid5tial units 9 :i* are designat$ by ! taxpay] = occupancy by h\seholds ! aggregate h\sehold income ( :i* does n exce$ ! great] (-- 7,i7 #cj p]c5t ( area m$ian gross income1 or 7,,ii7 #ajj p]c5t ( an am\nt equal to ! ,f$]al pov]ty l9e 7)9 ! mean+ ( section #cf;,b7d77#c771 & 7ii7 :i* is designat$ by ! h\s+ cr$it ag5cy z requir+ ! increase 9 cr$it "u ?is subp>agraph 9 ord] = su* build+ to be f9ancially feasible z "p ( a qualifi$ l[-income h\s+ project1 subp>agraph 7,b7 %all n apply to ! portion ( su* build+ :i* is compris$ ( su* units1 & ! eligible basis ( su* portion ( ! build+ %all be #aej p]c5t ( su* basis det]m9$ )\t reg>d to ?is subp>agraph4 4 7b7 ,effective date ,! am5dm5t made by ?is section %all apply to build+s plac$ 9 s]vice aft] ,decemb] #ca1 #bjaf4 #caj4 ,increase 9 cr$it = bond-f9anc$ projects designat$ by ,/ate ag5cy 7a7 ,9 g5]al ,clause 7v7 ( section #db7;d77#e77;,b7 ( ! ,int]nal ,rev5ue ,code ( #aihf is am5d$ by /rik+ ! second s5t5ce4 7b7 ,te*nical am5dm5t ,clause 7v7 ( section #db7;d77#e77;,b7 ( ! ,int]nal ,rev5ue ,code ( #aihf1 z am5d$ by subsection 7a71 is fur!r am5d$-- 7#a7 by /rik+ ,/ate 9 ! head+1 & 7#b7 by /rik+ ,/ate h\s+ cr$it ag5cy & ins]t+ h\s+ cr$it ag5cy4 7c7 ,effective date ,! am5dm5ts made by ?is section %all apply to build+s plac$ 9 s]vice aft] ,decemb] #ca1 #bjaf4 #caa4 ,elim9ation ( basis r$uction = l[-income h\s+ prop]ties receiv+ c]ta9 en]gy b5efits 7a7 ,new en]gy effici5t home cr$it ,subsection 7e7 ( section #de,l ( ! ,int]nal ,rev5ue ,code ( #aihf is am5d$-- 7#a7 by /rik+ adju/m5t4--,= purposes & ins]t+ 8adju/m5t4-- 7#a7 ,9 g5]al ,= purposes 1 & 7#b7 by add+ at ! end ! foll[+ new p>agraph3 7#b7 ,exception = af=dable h\s+ prop]ties ,p>agraph 7#a7 %all n apply to any prop]ty ) respect to :i* a cr$it is all[$ "u section #db4 4 7b7 ,en]gy effici5t comm]cial build+s d$uction ,subsection 7e7 ( section #agi;,d ( ! ,int]nal ,rev5ue ,code ( #aihf is am5d$-- 7#a7 by /rik+ r$uction4--,= purposes & ins]t+ 8r$uction4-- 7#a7 ,9 g5]al ,= purposes 1 & 7#b7 by add+ at ! end ! foll[+ new p>agraph3 7#b7 ,exception = af=dable h\s+ prop]ties ,p>agraph 7#a7 %all n apply to any prop]ty ) respect to :i* a cr$it is all[$ "u section #db4 4 7c7 ,en]gy cr$it ,p>agraph 7#c7 ( section #ej7;c7 ( ! ,int]nal ,rev5ue ,code ( #aihf is am5d$-- 7#a7 by /rik+ & at ! end ( subp>agraph 7,a71 7#b7 by /rik+ ! p]iod at ! end ( subp>agraph 7,b7 & ins]t+ 1 &1 & 7#c7 by add+ at ! end ! foll[+ new subp>agraph3 7,c7 p>agraph 7#a7 %all n apply to any prop]ty ) respect to :i* a cr$it is all[$ "u section #db4 4 7d7 ,effective date ,! am5dm5ts made by ?is section %all apply to prop]ty plac$ 9 s]vice aft] ,decemb] #ca1 #bjaf4 #cab4 ,re/riction ( plann$ =eclosures 7a7 ,9 g5]al ,subclause 7,i7 ( section #db7;h77#f77;,e77i7 ( ! ,int]nal ,rev5ue ,code ( #aihf is am5d$ to read z foll[s3 7,i7 on ! #fa/ day aft] ! taxpay] 7or a successor 9 int]e/7 provides notice to ! h\s+ cr$it ag5cy t ! build+ has be5 acquir$ by =eclosure 7or in/rum5t 9 lieu ( =eclosure7 & t ! taxpay] int5ds ! t]m9ation ( su* p]iod1 unless ! h\s+ cr$it ag5cy det]m9es t su* acquisition is "p ( an arrangem5t ) ! taxpay] a purpose ( :i* is to t]m9ate su* p]iod1 or 4 7b7 ,con=m+ am5dm5t ,! second s5t5ce ( clause 7i7 ( section #db7;h77#f77;,e7 ( ! ,int]nal ,rev5ue ,code ( #aihf is am5d$ by /rik+ ,subclause 7,,ii7 & ins]t+ ,subclauses 7,i7 & 7,,ii74 7c7 ,effective date ,! am5dm5ts made by ?is section %all apply to acquisitions by =eclosure 7or in/rum5t 9 lieu ( =eclosure7 aft] ,decemb] #ca1 #bjag4 #cac4 ,increase ( population cap = difficult developm5t areas 7a7 ,9 g5]al ,subclause 7,,ii7 ( section #db7;d77#e77;,b77iii7 ( ! ,int]nal ,rev5ue ,code ( #aihf is am5d$ by /rik+ #bj p]c5t & ins]t+ #cj p]c5t4 7b7 ,effective date ,! am5dm5t made by ?is section %all apply to designations made "u section #db7;d77#e77;,b77iii7 ( ! ,int]nal ,rev5ue ,code ( #aihf aft] ,decemb] #ca1 #bjag4 ,,iv ,re=ms relat+ to ,native ,am]ican assi/ance #dja4 ,selection crit]ia "u qualifi$ allocation plans 7a7 ,9 g5]al ,subp>agraph 7,c7 ( section #db7m77#a7 ( ! ,int]nal ,rev5ue ,code ( #aihf is am5d$ by /rik+ & at ! end ( clause 7ix71 by /rik+ ! p]iod at ! end ( clause 7x7 & ins]t+ 1 &1 & by add+ at ! end ! foll[+ new clause3 7xi7 ! af=dable h\s+ ne$s ( individuals 9 ! ,/ate :o are memb]s ( ,indian tribes 7z def9$ 9 section #de;,a7c77#f774 4 7b7 ,effective date ,! am5dm5ts made by ?is section %all apply to allocations ( cr$its "u section #db ( ! ,int]nal ,rev5ue ,code ( #aihf made aft] ,decemb] #ca1 #bjag4 #djb4 ,inclusion ( ,indian areas z difficult developm5t areas = purposes ( c]ta9 build+s 7a7 ,9 g5]al ,subclause 7,i7 ( section #db7;d77#e77;,b77iii7 ( ! ,int]nal ,rev5ue ,code ( #aihf is am5d$ by ins]t+ be=e ! p]iod ! foll[+3 1 & any ,indian area4 7b7 ,indian area ,clause 7iii7 ( section #db7;d77#e77;,b7 ( ! ,int]nal ,rev5ue ,code ( #aihf is am5d$ by r$esignat+ subclause 7,,ii7 z subclause 7,,iii7 & by ins]t+ aft] subclause 7,i7 ! foll[+ new subclause3 7,,ii7 ,indian area ,= purposes ( subclause 7,i71 ! t]m ,indian area means any ,indian area 7z def9$ 9 section #d7aa7 ( ! ,native ,am]ican ,h\s+ ,assi/ance & ,self ,det]m9ation ,act ( #aiif 7#be ,u4,s4,c4 #dajc7aa774 4 7c7 ,eligible build+s ,clause 7iii7 ( section #db7;d77#e77;,b7 ( ! ,int]nal ,rev5ue ,code ( #aihf1 z am5d$ by subsection 7b71 is am5d$ by add+ at ! end ! foll[+ new subclause3 7,,iv7 ,special rule = build+s 9 ,indian areas ,9 ! case ( an area :i* is a difficult developm5t area solely because x is an ,indian area1 a build+ %all n be treat$ z locat$ 9 su* area unless su* build+ is assi/$ or f9anc$ "u ! ,native ,am]ican ,h\s+ ,assi/ance & ,self ,det]m9ation ,act ( #aiif 7#be ,u4,s4,c4 #daja et seq47 or ! project sponsor is an ,indian tribe 7z def9$ 9 section #de;,a7c77#f771 a tribally designat$ h\s+ entity 7z def9$ 9 section #d7bb7 ( su* ,act 7#be ,u4,s4,c4 #dajc7bb7771 or :olly own$ or controll$ by su* an ,indian tribe or tribally designat$ h\s+ entity4 4 7d7 ,effective date ,! am5dm5ts made by ?is section %all apply to build+s plac$ 9 s]vice aft] ,decemb] #ca1 #bjag4 ,v ,af=dable h\s+ tax cr$it #eja4 ,af=dable h\s+ tax cr$it 7a7 ,9 g5]al ,! head+ ( section #db ( ! ,int]nal ,rev5ue ,code ( #aihf is am5d$ by /rik+ ,l[-income & ins]t+ ,af=dable4 7b7 ,con=m+ am5dm5ts 7#a7 ,subsection 7a7 ( section #db ( ! ,int]nal ,rev5ue ,code ( #aihf is am5d$ by /rik+ l[-income & ins]t+ af=dable4 7#b7 ,p>agraph 7#e7 ( section #ch7;b7 ( su* ,code is am5d$ by /rik+ l[-income & ins]t+ af=dable4 7#c7 ,! head+ ( subp>agraph 7,d7 ( section #dfi7;i77#c7 ( su* ,code is am5d$ by /rik+ l[-income & ins]t+ af=dable4 7#d7 ,! head+ ( subp>agraph 7,b7 ( section #dfi7;i77#f7 ( su* ,code is am5d$ by /rik+ l[-income & ins]t+ af=dable4 7#e7 ,p>agraph 7#g7 ( section #ggb7;a7 ( su* ,code is am5d$ by /rik+ l[-income & ins]t+ af=dable4 7#f7 ,p>agraph 7#e7 ( section #ggb7;d7 ( su* ,code is am5d$ by /rik+ l[-income & ins]t+ af=dable4 7c7 ,cl]ical am5dm5t ,! item relat+ to section #db 9 ! table ( sections = subp>t ,d ( "p ,,iv ( sub*apt] ,a ( *apt] #a ( ! ,int]nal ,rev5ue ,code ( #aihf is am5d$ to read z foll[s3 ,sec4 #db4 ,af=dable h\s+ cr$it4 4