,,ii #aaf? ,,congress #a/ ,session ,s4 #aajf ,,9 ,,! ,,s5ate ,,( ,,! ,,unit$ ,,/ates ,april #aj1 #bjai,ms4 ,h>ris 7= h]self1 ,mr4 ,blum5?al1 & ,ms4 ,hassan7 introduc$ ! foll[+ bill2 :i* 0 read twice & ref]r$ to ! ,committee on ,f9ance ,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 ( #bjai4 #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 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 #ajj p]c5t ( small area 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 #ajj p]c5t ( ! small area fair m>ket r5t 7includ+ ! utility all[ance7 applicable to ! resid5ce involv$ 7z mo/ rec5tly publi%$1 z ( ! beg9n+ ( ! taxable ye>1 by ! ,dep>tm5t ( ,h\s+ & ,urban ,developm5t74 7c7 ,def9itions & special rules ,= purposes ( ?is section-- 7#a7 ,applicable p]c5tage 7,a7 ,9 g5]al ,except z provid$ 9 subp>agraph 7,b71 ! 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 #ajj1jjjj p]c5t4 7,b7 ,high-co/ areas ,9 ! case ( an individual ^: pr9cipal resid5ce is locat$ 9 an area = :i*1 "u ! rule publi%$ 9 ! ,f$]al ,regi/] on ,novemb] #af1 #bjaf 7#ha ,f$4 ,reg4 #hjefg71 ! small area fair m>ket r5t is us$ = purposes ( ! ,h\s+ ,*oice ,v\*] ,program1 ea* ( ! doll> am\nts 9 ! table conta9$ 9 subp>agraph 7,a7 %all be increas$ by #be1jjj4 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 7#d7 ,r5t ,! t]m r5t includes any am\nt paid = utilities ( a type tak5 into acc\nt = purposes ( det]m9+ ! utility all[ance "u section #db7;g77#b77;,b77ii74 7d7 ,reconciliation ( cr$it & advance paym5ts ,! am\nt ( ! cr$it all[$ "u ?is section = any taxable ye> %all be r$uc$ 7b n bel[ z]o7 by ! aggregate am\nt ( any advance paym5ts ( su* cr$it "u section #gebg;,a = su* taxable ye>4 4 7b7 ,advance paym5t ,*apt] #gg ( ! ,int]nal ,rev5ue ,code ( #aihf is am5d$ by ins]t+ aft] section #gebg ! foll[+ new section3 #gebg;,a4 ,advance paym5t ( middle class tax cr$it 7a7 ,9 g5]al ,n lat] ?an #f mon?s aft] ! date ( ! enactm5t ( ! ,r5t ,relief ,act ( #bjai1 ! ,secret>y %all e/abli% a program = mak+ advance paym5ts ( ! cr$it all[$ "u section #cf;,c on a mon?ly basis to any taxpay] :o-- 7#a7 ! ,secret>y has det]m9$ w be all[$ su* cr$it = ! taxable ye>1 & 7#b7 has made an election "u subsection 7c74 7b7 ,am\nt ( advance paym5t 7#a7 ,9 g5]al ,= purposes ( subsection 7a71 ! am\nt ( ! mon?ly advance paym5t ( ! cr$it provid$ to a taxpay] dur+ ! applicable p]iod %all be equal to ! less] (-- 7,a7 an am\nt equal to-- 7i7 ! am\nt ( ! cr$it :i* ! ,secret>y has det]m9$ w be all[$ to su* taxpay] "u section #cf;,c = ! taxable ye> end+ 9 su* applicable p]iod1 divid$ by 7ii7 #ab1 or 7,b7 su* o!r am\nt z is elect$ by ! taxpay]4 7#b7 ,applicable p]iod ,= purposes ( ?is section1 ! t]m applicable p]iod means ! #ab-mon? p]iod f ! mon? ( ,july ( ! taxable ye> ?r\gh ! mon? ( ,june ( ! subsequ5t taxable ye>4 7c7 ,election ( advance paym5t ,a taxpay] may elect to receive an advance paym5t ( ! cr$it all[$ "u section #cf;,c = any taxable ye> by includ+ su* election on a timely fil$ return = ! prec$+ taxable ye>4 7d7 ,int]nal ,rev5ue ,s]vice notification ,! ,int]nal ,rev5ue ,s]vice %all take su* /eps z may be appropriate to ensure t taxpay]s :o are eligible to receive ! cr$it "u section #cf;,c are aw>e ( ! availability ( ! advance paym5t ( su* cr$it "u ?is section4 7e7 ,au?ority ,! ,secret>y may prescribe su* regulations or o!r guidance z may be appropriate or necess>y = ! purposes ( c>ry+ out ?is section4 4 7c7 ,cl]ical am5dm5ts 7#a7 ,9 g5]al ,! table ( sections = subp>t ,c ( "p ,,iv ( sub*apt] ,a ( *apt] #a ( ! ,int]nal ,rev5ue ,code ( #aihf is am5d$ by ins]t+ aft] ! item relat+ to section #cf;,b ! foll[+ new item3 ,sec4 #cf;,c4 ,r5t paid = pr9cipal resid5ce4 4 7#b7 ,advance paym5t ,! table ( sections = *apt] #gg ( su* ,code is am5d$ by ins]t+ aft] ! item relat+ to section #gebg ! foll[+ new item3 ,sec4 #gebg;,a4 ,advance paym5t ( middle class tax cr$it4 4 7d7 ,effective date ,! am5dm5ts made by ?is section %all apply ) respect to taxable ye>s beg9n+ aft] ,decemb] #ca1 #bjah4