,,ii #aaf? ,,congress #b;d ,session ,s4 #dijh ,,9 ,,! ,,s5ate ,,( ,,! ,,unit$ ,,/ates ,novemb] #ah1 #bjbj,mr4 ,:iteh\se 7= himself1 ,mr4 ,s*um]1 ,mrs4 ,%ahe51 ,ms4 ,hassan1 ,mr4 ,blum5?al1 ,mr4 ,pet]s1 ,mr4 ,book]1 & ,mrs4 ,gillibr&7 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$it = taxpay]s :o remove lead-bas$ haz>ds4 #a4 ,%ort title2 f9d+s2 purpose 7a7 ,%ort title ,?is ,act may be cit$ z ! ,home ,lead ,safety ,tax ,cr$it ,act ( #bjbj4 7b7 ,f9d+s ,congress f9ds t3 7#a7 ,lead is a metal t c produce a wide range ( heal? effects 9 humans :5 +e/$4 ,*ildr5 are m vuln]able to lead poison+ ?an adults4 7#b7 ,lead poison+ is a s]i\s1 entirely prev5table ?reat to a *ild's intellig5ce1 behavior1 & le>n+4 ,9 sev]e cases1 lead poison+ c result 9 dea?4 7#c7 ,accord+ to ! ,dep>tm5t ( ,h\s+ & ,urban ,developm5t1 approximately #bb1jjj1jjj h\s+ units nationwide h at lea/ #a lead pa9t haz>d4 7#d7 ,:ile appropriat$ ,f$]al lead abatem5t programs1 su* z ! ,lead ,haz>d ,control & ,heal?y ,homes grant programs1 h help$ r$uce *ildhood lead poison+1 fund+ con/ra9ts h limit$ _! impact to only ab\t #djj1jjj homes s9ce #aiic4 7#e7 ,*ildhood lead poison+ c be dramatically r$uc$ by ! abatem5t or complete removal ( all lead-bas$ haz>ds4 ,empirical /udies also h %[n sub/antial r$uctions 9 lead poison+ :5 ! affect$ prop]ties h und]gone int]im control measures t are less co/ly ?an abatem5t4 7c7 ,purpose ,! purpose ( ?is section is to enc\rage ! safe removal ( lead haz>ds f homes & !reby decrease ! numb] ( *ildr5 :o suff] r$uc$ intellig5ce1 le>n+ difficulties1 behavioral problems1 & o!r heal? consequ5ces due to lead poison+4 #b4 ,home lead haz>d r$uction activity tax cr$it 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 ,home lead haz>d r$uction activity 7a7 ,all[ance ( cr$it 7#a7 ,9 g5]al ,subject to p>agraph 7#b71 !re %all be all[$ z a cr$it aga9/ ! tax impos$ by ?is subtitle = ! taxable ye> an am\nt equal to #ej p]c5t ( ! lead haz>d r$uction activity co/ paid or incurr$ by ! taxpay] dur+ ! taxable ye> = ea* eligible dwell+ unit4 7#b7 ,election to apply co/s to prior ye> ,= purposes ( ?is section1 a taxpay] may elect to treat any lead haz>d r$uction activity co/ paid or incurr$ by ! taxpay] dur+ ! taxable ye> z hav+ be5 paid or incurr$ dur+ ! prec$+ taxable ye>4 7b7 ,limitations 7#a7 ,9 g5]al ,subject to p>agraph 7#c71 ! am\nt ( ! cr$it all[$ "u subsection 7a7 = any eligible dwell+ unit = any taxable ye> %all n exce$-- 7,a7 #c1jjj 9 ! case ( lead haz>d r$uction activity co/ includ+ lead abatem5t measures describ$ 9 clause 7i71 7ii71 7iv71 or 7v7 ( subsection 7c77#a77;,a71 & 7,b7 #a1jjj 9 ! case ( lead haz>d r$uction activity co/ includ+ int]im lead control measures describ$ 9 clause 7i71 7iii71 7iv71 & 7v7 ( subsection 7c77#a77;,a74 7#b7 ,o!r tax cr$its ,9 ! case ( any cr$it aga9/ ,/ate or local tax liabilities :i* is all[able "u ! laws ( any ,/ate or political subdivision !re( to a taxpay] ) respect to any co/s paid or incurr$ by ! taxpay] :i* w\ld o!rwise qualify z lead haz>d r$uction activity co/s "u ?is section1 ! am\nt ( ! cr$it all[$ "u subsection 7a7 = any eligible dwell+ unit = any taxable ye> 7det]m9$ aft] application ( p>agraph 7#a77 %all n exce$ an am\nt equal to ! excess1 if any1 (-- 7,a7 ! lead haz>d r$uction activity co/ paid or incurr$ by ! taxpay] dur+ ! taxable ye> = su* unit1 ov] 7,b7 ! am\nt ( su* ,/ate or local tax cr$it4 7#c7 ,limitation p] resid5ce ,! cumulative am\nt ( ! cr$it all[$ "u subsection 7a7 = an eligible dwell+ unit = all taxable ye>s %all n exce$ #d1jjj4 7c7 ,def9itions & special rules ,= purposes ( ?is section-- 7#a7 ,lead haz>d r$uction activity co/ 7,a7 ,9 g5]al ,! t]m lead haz>d r$uction activity co/ means1 ) respect to any eligible dwell+ unit-- 7i7 ! co/ = a c]tifi$ risk assessor to conduct an assessm5t to det]m9e ! pres5ce ( a lead-bas$ haz>d 7z su* t]ms are def9$ by ! ,secret>y1 9 consultation ) ! ,adm9i/rator ( ! ,environm5tal ,protection ,ag5cy71 7ii7 ! co/ = p]=m+ lead abatem5t measures by a c]tifi$ lead abatem5t sup]visor 7z su* t]m is def9$ by ! ,secret>y1 9 consultation ) ! ,adm9i/rator ( ! ,environm5tal ,protection ,ag5cy71 includ+ ! removal ( pa9t1 du/1 or pipes1 ! p]man5t enclosure or encapsulation ( lead-bas$ pa9t or pipes1 ! replacem5t ( pa9t$ surfaces1 w9d[s1 or fixtures1 or ! removal or p]man5t cov]+ ( soil :5 lead-bas$ haz>ds are pres5t1 7iii7 ! co/ = p]=m+ int]im lead control measures to r$uce exposure or likely exposure to lead-bas$ haz>ds1 includ+ specializ$ clean+1 repairs1 ma9t5ance1 pa9t+1 tempor>y conta9m5t1 ongo+ monitor+ ( lead-bas$ haz>ds1 & ! e/abli%m5t & op]ation ( managem5t & resid5t education programs1 b only if su* measures are evaluat$ & complet$ by a c]tifi$ lead abatem5t sup]visor us+ accept$ me?ods1 are conduct$ by a qualifi$ contractor1 & h an expect$ useful life ( m ?an #aj ye>s1 7iv7 ! co/ = a c]tifi$ lead abatem5t sup]visor1 p]sons work+ "u ! sup]vision ( su* sup]visor1 or a qualifi$ contractor to p]=m all prep>ation1 cleanup1 disposal1 & cle>ance te/+ activities associat$ ) ! lead abatem5t measures or int]im lead control measures1 & 7v7 co/s incurr$ by or on behalf ( any occupant ( su* dwell+ unit = any relocation :i* is necess>y to a*ieve occupant protection 7z su* t]m is def9$ by ! ,secret>y1 9 consultation ) ! ,adm9i/rator ( ! ,environm5tal ,protection ,ag5cy74 7,b7 ,limitation ,! t]m lead haz>d r$uction activity co/ does n include any co/ to ! ext5t su* co/ is fund$ by any grant1 contract1 or o!rwise by ano!r p]son or any gov]nm5tal ag5cy4 7#b7 ,eligible dwell+ unit 7,a7 ,9 g5]al ,! t]m eligible dwell+ unit means any dwell+ unit-- 7i7 :i* 0 plac$ 9 s]vice be=e #aigh1 & 7ii7 :i* is locat$ 9 ! ,unit$ ,/ates4 7,b7 ,dwell+ unit ,! t]m dwell+ unit has ! mean+ giv5 su* t]m by section #bhj;,a7f77#a74 7#c7 ,qualifi$ contractor ,! t]m qualifi$ contractor means any contractor :o has successfully complet$ a tra9+ c\rse on lead safe "w practices :i* has be5 approv$ by ! ,dep>tm5t ( ,h\s+ & ,urban ,developm5t & ! ,environm5tal ,protection ,ag5cy4 7#d7 ,docum5tation requir$ = cr$it all[ance ,no cr$it %all be all[$ "u subsection 7a7 ) respect to any eligible dwell+ unit = any taxable ye> unless1 aft] lead haz>d r$uction activity is complete1 a c]tifi$ inspector 7z su* t]m is def9$ by ! ,secret>y1 9 consultation ) ! ,adm9i/rator ( ! ,environm5tal ,protection ,ag5cy7 or c]tifi$ risk assessor provides writt5 docum5tation to ! taxpay] t includes-- 7,a7 evid5ce t-- 7i7 ! eligible dwell+ unit meets ! lead haz>d r$uction crit]ia def9$ by ! ,secret>y1 9 consultation ) ! ,adm9i/rator ( ! ,environm5tal ,protection ,ag5cy1 or 7ii7 ! eligible dwell+ unit meets lead haz>d evaluation crit]ia e/abli%$ "u an au?oriz$ ,/ate or local program1 & 7,b7 docum5tation %[+ t ! lead haz>d r$uction activity meets ! requirem5ts ( ?is section4 7#e7 ,basis r$uction ,! basis ( any prop]ty = :i* a cr$it is all[able "u subsection 7a7 %all be r$uc$ by ! am\nt ( su* cr$it4 7#f7 ,no d\ble b5efit ,any d$uction all[able = co/s tak5 into acc\nt 9 comput+ ! am\nt ( ! cr$it = lead haz>d r$uction activity %all be r$uc$ by ! am\nt ( su* cr$it attributable to su* co/s4 7d7 ,inflation adju/m5t ,9 ! case ( any taxable ye> beg9n+ 9 a cal5d> ye> aft] #bjbj1 ea* ( ! doll> am\nts 9 subsection 7b7 %all be increas$ by an am\nt equal to-- 7#a7 su* doll> am\nt1 multipli$ by 7#b7 ! co/-(-liv+ adju/m5t det]m9$ "u section #a7;f77#c7 = ! cal5d> ye> 9 :i* ! taxable ye> beg9s1 det]m9$ by sub/itut+ #8cal5d> ye> #bjai' = #8cal5d> ye> #bjaf' 9 subp>agraph 7,a77ii7 !re(4 ,any increase det]m9$ "u ! prec$+ s5t5ce %all be r\nd$ to ! ne>e/ multiple ( #ajj4 7e7 ,t]m9ation ,?is section %all n apply to any am\nt paid or incurr$ aft] ,decemb] #ca1 #bjbc4 4 7b7 ,con=m+ am5dm5ts 7#a7 ,section #acbd7;b77#b7 ( title #ca1 ,unit$ ,/ates ,code1 is am5d$ by ins]t+ 81 #cf;,c0 aft] 8#cf;,b04 7#b7 ,! table ( sections = subp>t ,c ( "p ,,iv ( sub*apt] ,a ( *apt] #a ( ! ,int]nal ,rev5ue ,code ( #aihf is am5d$ by ins]t+ be=e ! item relat+ to section #cg ! foll[+ new item3 ,sec4 #cf;,c4 ,home lead haz>d r$uction activity4 4 7c7 ,effective date ,! am5dm5ts made by ?is section %all apply to lead haz>d r$uction activity co/s incurr$ aft] ,decemb] #ca1 #bjai1 9 taxable ye>s end+ aft] su* date4