,i  #aaf? ,,congress  #a/ ,session  ,h4 
,r4 #cgij  ,,9 ,,! ,,h\se ,,(           
,,repres5tatives  ,july #ag1 #bjai,mr4  
,dunn introduc$ ! foll[+ bill2 :i* 0    
ref]r$ to ! ,committee on ,ways &       
,means1 & 9 addition to ! ,committee on 
,f9ancial ,s]vices1 = a p]iod to be     
subsequ5tly det]m9$ by ! ,speak]1 9 ea* 
case = consid]ation ( su* provisions z  
fall )9 ! jurisdiction ( ! committee    
conc]n$  ,a ,,bill  ,to am5d ! ,int]nal 
,rev5ue ,code ( #aihf to provide = a    
cr$it aga9/ tax = homebuy]s pur*as+     
resid5ces 9 resid5tial recov]y zones1 & 
= o!r purposes4  #a4 ,%ort title ,?is   
,act may be cit$ z ! ,resid5tial        
,recov]y ,zone ,act4  #b4 ,resid5tial   
recov]y zone homebuy] cr$it  7a7 ,9     
g5]al ,subp>t ,a ( "p ,,iv ( sub*apt] ,a
 ( *apt] #a ( ! ,int]nal ,rev5ue ,code (
 #aihf is am5d$ by ins]t+ aft] section  
#be;,d ! foll[+ new section3  #be;,e4   
,resid5tial recov]y zone homebuy] cr$it 
7a7 ,all[ance ( cr$it  7#a7 ,9 g5]al ,9 
! case ( an individual :o pur*ases a    

pr9cipal resid5ce 9 a resid5tial recov]y
 zone dur+ a 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 #aj p]c5t ( ! pur*ase price ( !
 resid5ce4  7#b7 ,tim+ ,at ! election ( 
an individual1 ! cr$it all[$ "u         
subsection 7a7 = a taxable ye> may be   
all[$ in/ead dur+ any "o on ! subsequ5t 
#c taxable ye>s4  7b7 ,limitations  7#a7
 ,doll> limitation  7,a7 ,9 g5]al       
,except z o!rwise provid$ 9 ?is         
p>agraph1 ! cr$it all[$ "u subsection   
7a7 %all n exce$ #h1jjj4  7,b7 ,m>ri$   
individuals fil+ sep>ately ,9 ! case ( a
 m>ri$ individual fil+ a sep>ate return1
 subp>agraph 7,a7 %all be appli$ by     
sub/itut+ #d1jjj = #h1jjj4  7,c7 ,o!r   
individuals ,if two or m individuals :o 
are n m>ri$ pur*ase a pr9cipal resid5ce1
 ! am\nt ( ! cr$it all[$ "u subsection  
7a7 %all be allocat$ among su*          
individuals 9 su* mann] z ! ,secret>y   
may prescribe1 except t ! total am\nt ( 
! cr$its all[$ to all su* individuals   

%all n exce$ #h1jjj4  7#b7 ,limitation  
bas$ on pur*ase price ,no cr$it %all be 
all[$ "u subsection 7a7 = ! pur*ase (   
any resid5ce if ! pur*ase price ( su*   
resid5ce exce$s #a1ejj1jjj4  7c7        
,def9itions ,= purposes ( ?is section-- 
7#a7 ,resid5tial recov]y zone def9$     
7,a7 ,9 g5]al ,! t]m resid5tial recov]y 
zone means1 ) respect to a ,f$]ally     
decl>$ disa/]1 a population c5sus tract 
t is--  7i7 9 ! disa/] area relat$ to   
su* disa/]1 &  7ii7 designat$ "u        
subp>agraph 7,b74  7,b7 ,designation ,a 
population c5sus tract is designat$ "u  
?is p>agraph ) respect to a ,f$]ally    
decl>$ disa/] if1 dur+ ! p]iod beg9n+ on
 ! e>lie/ incid5t date specifi$ 9 !     
decl>ation to :i* su* area relates &    
end+ on ! date t is "o ye> aft] su*     
date--  7i7 ! *ief executive (fic] ( !  
,/ate 9 :i* ! tract is locat$-- 7,i7    
nom9ates ! tract = designation z a      
resid5tial recov]y zone1 &  7,,ii7      
notifies ! ,secret>y 9 writ+ ( su*      
nom9ation1 &  7ii7 ! ,secret>y c]tifies 

su* nom9ation & designates su* tract z a
 resid5tial recov]y zone4  7,c7         
,duration ( designation ,a designation  
"u subp>agraph 7,b7 %all t]m9ate on !   
date t is #c ye>s aft] ! date ( !       
c]tification describ$ 9 subp>agraph     
7,b77ii74  7,d7 ,/ate2 ,f$]ally decl>$  
disa/]2 disa/] area ,! t]m ,/ate has !  
mean+ giv5 su* t]ms 9 section           
#adjj,z-#a1 & ,f$]ally decl>$ disa/] &  
disa/] area h ! mean+ giv5 su* t]ms 9   
section #afe7;i74  7#b7 ,pr9cipal       
resid5ce ,! t]m pr9cipal resid5ce has ! 
same mean+ z :5 us$ 9 section #aba4     
7#c7 ,pur*ase2 pur*ase price ,! t]m     
pur*ase & pur*ase price h ! mean+s giv5 
su* t]ms 9 section #cf7;c74  7d7        
,exceptions ,no cr$it "u subsection 7a7 
%all be all[$ to any taxpay] = any      
taxable ye> ) respect to ! pur*ase ( a  
resid5ce if--  7#a7 a d$uction "u       
section #aea ) respect to su* taxpay] is
 all[able to ano!r taxpay] = su* taxable
 ye>1 or  7#b7 ! taxpay] fails to atta* 
to ! return ( tax = su* taxable ye> a   

prop]ly execut$ copy ( ! settlem5t      
/atem5t us$ to complete su* pur*ase4    
7e7 ,recapture ( cr$it  7#a7 ,9 g5]al   
,if a resid5ce ) respect to :i* a cr$it 
0 all[$ "u subsection 7a7 ceases to be !
 pr9cipal resid5ce ( ! taxpay] be=e !   
end ( ! #c-ye> p]iod beg9n+ on ! date ( 
! pur*ase ( su* resid5ce ! tax impos$ by
 ?is *apt] = ! taxable ye> ( cessation  
%all be increas$ by ! am\nt ( ! cr$it s 
all[$ & claim$4  7#b7 ,exceptions  7,a7 
,dea? ( taxpay] ,p>agraph 7#a7 %all n   
apply if ! cessation is attributable to 
! taxpay]'s dea?4  7,b7 ,involunt>y     
conv]sion ,p>agraph 7#a7 %all n apply if
 ! cessation is attributable to a       
compulsorily or involunt>ily conv]sion  
7)9 ! mean+ ( section #ajcc7;a77 & !    
taxpay] acquires a new pr9cipal resid5ce
 dur+ ! #b-ye> p]iod beg9n+ on ! date ( 
su* cessation4  7,c7 ,special rule =    
memb]s ( ! arm$ =ces1 etc  7i7 ,9 g5]al 
,p>agraph 7#a7 %all n apply if !        
cessation is attributable to ,gov]nm5t  
ord]s receiv$ by su* individual1 or su* 

individual's sp\se1 = s]vice on qualifi$
 (ficial ext5d$ duty z--  7,i7 a memb] (
 ! uni=m$ s]vices1  7,,ii7 a memb] ( !  
,=eign ,s]vice ( ! ,unit$ ,/ates1 or    
7,,iii7 an employee ( ! intellig5ce     
community4  7ii7 ,def9itions ,any t]m   
us$ 9 ?is subp>agraph :i* is also us$ 9 
section #aba7;d77#i7 %all h ! same mean+
 z :5 us$ 9 su* p>agraph4  4  7b7       
,cl]ical am5dm5t ,! table ( sections =  
subp>t ,a ( "p ,,iv ( sub*apt] ,a (     
*apt] #a ( ! ,int]nal ,rev5ue ,code (   
#aihf is am5d$ by ins]t+ aft] ! item    
relat+ to section #be;,d ! foll[+ new   
item3  ,sec4 #be;,e4 ,resid5tial recov]y
 zone homebuy] cr$it4  4  7c7 ,effective
 date ,! am5dm5ts made by ?is section   
%all apply ) respect to pur*ases 9      
taxable ye>s beg9n+ aft] ! date t is #a 
ye> be=e ! date ( ! enactm5t ( ?is ,act4
  #c4 ,treatm5t z opportunity zones  7a7
 ,9 g5]al ,section #adjj,z-#a ( !       
,int]nal ,rev5ue ,code ( #aihf is am5d$ 
by add+ at ! end ! foll[+ new           
subsection3  7g7 ,c]ta9 disa/] zones    

7#a7 ,designation ,) respect to a       
,f$]ally decl>$ disa/]1 ! *ief executive
 (fic] ( a ,/ate may designate "u ?is   
p>agraph n m ?an #e p]c5t ( ! applicable
 disa/] tracts 9 su* ,/ate ) respect to 
su* disa/]4  7#b7 ,no effect on         
limitation on numb] ( designations ,an  
applicable disa/] tract designat$ "u    
p>agraph 7#a7 %all n be tak5 into acc\nt
 9 det]m9+ ! limitation "u subsection   
7d74  7#c7 ,applicable disa/] tract ,!  
t]m applicable disa/] tract means1 )    
respect to a ,f$]ally decl>$ disa/]1 a  
population c5sus tract 9 ! disa/] area  
relat$ to su* disa/]4  7#d7 ,f$]ally    
decl>$ disa/]2 disa/] area ,9 ?is       
subsection1 ! t]m ,f$]ally decl>$ disa/]
 & ! t]m disa/] area h ! mean+ giv5 su* 
t]ms 9 section #afe7;i74  7#e7          
,applicable />t date  7,a7 ,qualifi$    
opportunity fund bus9esses & prop]ty ,9 
! case ( an applicable disa/] tract     
designat$ "u p>agraph 7#a71 subp>agraphs
 7,b77i77,i71 7,c77i71 & 7,d77i77,i7 (  
section #adjj,z-#b7;d77#b7 %all ea* be  

appli$ by sub/itut+ ! applicable />t    
date = ,decemb] #ca1 #bjag4  7,b7       
,ext5sion ( det]m9ation p]iod ,9 ! case 
( an applicable disa/] tract designat$  
"u p>agraph 7#a71 section 7c77#b77;,b7  
%all be appli$ by sub/itut+ ! applicable
 />t date = ! date ( ! enactm5t ( ! ,tax
 ,cuts & ,jobs ,act4  7,c7 ,applicable  
/>t date ,! t]m applicable />t date     
means1 ) respect to a disa/] area1 !    
e>lie/ incid5t date specifi$ 9 !        
decl>ation to :i* su* area relates4  4  
7b7 ,effective date ,! am5dm5ts made by 
?is section %all apply ) respect to     
,f$]ally decl>$ disa/]s decl>$ aft] !   
date ( ! enactm5t ( ?is ,act4  #d4      
,cr$it "u ! ,community ,re9ve/m5t ,act (
 #aigg = l5d+ 9 a resid5tial recov]y    
zone ,section #hjd ( ! ,community       
,re9ve/m5t ,act ( #aigg 7#ab ,u4,s4,c4  
#bijc7 is am5d$ by add+ at ! end !      
foll[+3  7e7 ,resid5tial recov]y zone   
loans ,9 assess+ & tak+ into acc\nt1 "u 
subsection 7a71 ! record ( a f9ancial   
in/itution1 ! appropriate ,f$]al        

f9ancial sup]visory ag5cy %all consid] z
 a factor l5d+ activities to individuals
 & bus9esses t are locat$ 9 a resid5tial
 recov]y zone 7z def9$ "u section       
#cf;,a7c7 ( ! ,int]nal ,rev5ue ,code (  
#aihf74  4