,,ii  #aag? ,,congress  #a/ ,session    
,s4 #beed  ,,9 ,,! ,,s5ate ,,( ,,!      
,,unit$ ,,/ates  ,july #bi1 #bjba ,mr4  
,br[n 7= himself & ,mr4 ,wyd57 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 refundable   
tax cr$it to taxpay]s :o provide        
r$uctions 9 r5t to _! t5ants "u ,/ate   
r5tal r$uction programs1 & = o!r        
purposes4  #a4 ,%ort title ,?is ,act may
 be cit$ z ! ,r5t]s ,tax ,cr$it ,act (  
#bjba4  #b4 ,r5t]s cr$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   
,r5t]s cr$it  7a7 ,det]m9ation ( cr$it  
am\nt  7#a7 ,9 g5]al ,!re %all be all[$ 
z a cr$it aga9/ ! tax impos$ by ?is     
subtitle = any taxable ye> an am\nt     
equal to ! 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 qualifi$ r5tal r$uction am\nts
 = all eligible units )9 su* build+ =   
mon?s occurr+ dur+ ! taxable ye> :i* are
 )9 ! cr$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      
section-- 7,a7 ,9 g5]al ,! 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*--  7i7 a r5tal r$uction 
cr$it am\nt has be5 allocat$ by a r5tal 
r$uction cr$it ag5cy ( a ,/ate1 &  7ii7 
a qualifi$ r5tal r$uction agreem5t is 9 
effect4  7,b7 ,build+ n disqualifi$ by  
o!r assi/ance ,a build+ %all n fail to  
be treat$ z a qualifi$ build+ m]ely     
because-- 7i7 a cr$it 0 all[$ "u section
 #db ) respect to su* build+ or !re 0   

any o!r ,f$]al assi/ance 9 ! con/ruction
 or rehabilitation ( su* build+1  7ii7 !
 rehabilitation cr$it det]m9$ "u section
 #dg 0 all[$ "u section #ch ) respect to
 su* build+1 or  7iii7 ,f$]al r5tal     
assi/ance 0 provid$ = su* build+ dur+   
any p]iod prec$+ ! cr$it p]iod4  7b7    
,qualifi$ r5tal r$uction am\nt ,=       
purposes ( ?is section-- 7#a7 ,9 g5]al  
,! t]m qualifi$ r5tal r$uction am\nt    
means1 ) respect to any eligible unit = 
any mon?1 an am\nt equal to ! applicable
 p]c5tage 7z det]m9$ "u subsection      
7e77#a77 ( ! excess (--  7,a7 !         
applicable r5t = su* unit1 ov]  7,b7 !  
family r5tal paym5t requir$ = su* unit4 
7#b7 ,applicable r5t  7,a7 ,9 g5]al ,!  
t]m applicable r5t means1 ) respect to  
any eligible unit = any mon?1 ! less]   
(-- 7i7 ! am\nt ( r5t :i* w\ld be *>g$ =
 a sub/antially simil> unit ) ! same    
numb] ( b$rooms 9 ! same build+ :i* is n
 an eligible unit1 or  7ii7 an am\nt    
equal to ! m>ket r5t /&>d = su* unit4   
7,b7 ,m>ket r5t /&>d  7i7 ,9 g5]al ,!   

m>ket r5t /&>d ) respect to any eligible
 unit is--  7,i7 ! small area fair m>ket
 r5t det]m9$ by ! ,secret>y ( ,h\s+ &   
,urban ,developm5t = units ) ! same     
numb] ( b$rooms 9 ! same zip code       
tabulation area1 or  7,,ii7 if !re is no
 r5t describ$ 9 subclause 7,i7 = su*    
area1 ! fair m>ket r5t det]m9$ by su*   
,secret>y = units ) ! same numb] (      
b$rooms 9 ! same c\nty4  7ii7 ,/ate     
option ,a ,/ate may 9 its r5tal r$uction
 allocation plan provide t ! m>ket r5t  
/&>d = all 7or any "p7 ( a zip code     
tabulation area or c\nty )9 ! ,/ate %all
 be equal to a p]c5tage 7n less ?an #ge 
nor m ?an #abe7 ( ! am\nt det]m9$ "u    
clause 7i7 7aft] application ( clause   
7iii77 = su* area or c\nty4  7iii7      
,m9imum am\nt ,not)/&+ clause 7i71 !    
m>ket r5t /&>d ) respect to any eligible
 unit = any ye> 9 ! cr$it p]iod aft] !  
fir/ ye> 9 ! cr$it p]iod = su* unit %all
 n be less ?an ! m>ket r5t /&>d det]m9$ 
= su* fir/ ye>4  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 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 7e77#e771 or  7ii7 !         
applicable r5t = su* unit4  7,b7        
,utility co/s ,any utility all[ance     
7det]m9$ by ! ,secret>y 9 ! same mann] z
 "u section #db7;g77#b77;,b77ii77 paid  
by resid5ts ( an eligible 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   
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& su* units7 on ! basis ( !     
e/imates describ$ 9 p>agraph 7#b77;,b74 
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      
,subject to ! limitation "u subsection  
7e77#c77;,b71 su* am\nt %all be allocat$
 among su* build+s 9 ! mann] specifi$ by
 ! taxpay] unless ! qualifi$ r5tal      
r$uction agreem5t ) respect to su*      
project provides = su* allocation4  7#b7
 ,/ate allocation  7,a7 ,9 g5]al ,except
 z provid$ 9 subp>agraph 7,c71 ea* r5tal
 r$uction cr$it ag5cy ( a ,/ate %all ea*
 cal5d> ye> allocate its portion ( !    
,/ate r5tal r$uction cr$it ceil+ to     
qualifi$ build+s 7& to eligible units )9
 ea* su* build+7 9 accordance ) ! ,/ate 
r5tal r$uction allocation plan4  7,b7   
,allocations to ea* build+ ,! r5tal     
r$uction cr$it am\nt allocat$ to any    
qualifi$ build+ %all n exce$ ! aggregate

 qualifi$ r5tal r$uction am\nts :i* su* 
ag5cy e/imates w occur ov] ! cr$it p]iod
 = eligible units )9 su* build+1 bas$ on
 reasonable e/imates ( r5ts1 family     
incomes1 & vacancies 9 accordance )     
proc$ures e/abli%$ by ! ,/ate z "p ( its
 ,/ate r5tal r$uction allocation plan4  
7,c7 ,specific allocations  7i7         
,nonpr(it organizations ,at lea/ #be    
p]c5t ( ! ,/ate r5tal r$uction cr$it    
ceil+ = any ,/ate = any cal5d> ye> %all 
be allocat$ to qualifi$ build+s 9 :i* a 
qualifi$ nonpr(it organization 7z def9$ 
9 section #db7;h77#e77;,c77 owns        
7directly or ?r\gh a p>tn]%ip7 an int]e/
 & mat]ially p>ticipates 7)9 ! mean+ (  
section #dfi7;h77 9 ! op]ation ( !      
build+ ?r\gh\t ! cr$it p]iod4 ,a ,/ate  
may waive or l[] ! requirem5t "u ?is    
clause = any cal5d> ye> if x det]m9es t 
meet+ su* requirem5t is n feasible4     
7ii7 ,rural areas  7,i7 ,9 g5]al ,!     
,/ate r5tal r$uction cr$it ceil+ = any  
,/ate = any cal5d> ye> %all be allocat$ 
to build+s 9 rural areas 7z def9$ 9     

section #ebj ( ! ,h\s+ ,act ( #aidi7 9  
an am\nt :i*1 z det]m9$ by ! ,secret>y (
 ,h\s+ & ,urban ,developm5t1 be>s ! same
 ratio to su* ceil+ z ! numb] (         
extremely l[-income h\seholds ) sev]e   
r5t burd5s 9 su* rural areas be>s to !  
total numb] ( su* h\seholds 9 ! ,/ate4  
7,,ii7 ,alt]native #e-ye> te/+ p]iod ,9 
! case ( ! #e-;cal5d> ye> p]iod beg9n+ 9
 #bjba1 a ,/ate %all n be treat$ z fail+
 to meet ! requirem5ts ( subclause 7,i7 
= any cal5d> ye> 9 su* p]iod if1 z      
det]m9$ by ! ,secret>y1 ! av]age annual 
am\nt allocat$ to su* rural areas dur+  
su* p]iod meets su* requirem5ts4  7#c7  
,application ( allocat$ cr$it am\nt     
7,a7 ,am\nt available to taxpay] = all  
mon?s 9 cr$it p]iod ,any r5tal r$uction 
cr$it am\nt allocat$ to any qualifi$    
build+ out ( ! ,/ate r5tal r$uction     
cr$it ceil+ = any cal5d> ye> %all apply 
to su* build+ = all mon?s 9 ! cr$it     
p]iod end+ dur+ or aft] su* cal5d> ye>4 
7,b7 ,ceil+ = allocation ye> r$uc$ by   
entire cr$it am\nt ,any r5tal r$uction  

cr$it am\nt allocat$ to any qualifi$    
build+ out ( an allocat+ ag5cy's ,/ate  
r5tal r$uction cr$it ceil+ = any cal5d> 
ye> %all r$uce su* ceil+ = su* cal5d>   
ye> by ! entire am\nt s allocat$ = all  
mon?s 9 ! cr$it p]iod 7z det]m9$ on !   
basis ( ! e/imates "u p>agraph          
7#b77;,b77 & no r$uction %all be made 9 
su* ag5cy's ,/ate r5tal r$uction cr$it  
ceil+ = any subsequ5t cal5d> ye> by     
reason ( su* allocation4  7#d7 ,/ate    
r5tal r$uction cr$it ceil+  7,a7 ,9     
g5]al ,! ,/ate r5tal r$uction cr$it     
ceil+ applicable to any ,/ate = any     
cal5d> ye> %all be an am\nt equal to !  
sum (-- 7i7 ! great] (--  7,i7 ! p]     
capita doll> am\nt multipli$ 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 except z provid$ 9 subsection 
7d77#b71 ! 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 made--  7i7 is cancel$ by 
mutual cons5t ( ! r5tal r$uction cr$it  
ag5cy & ! taxpay] because ! e/imates    
made "u p>agraph 7#b77;,b7 7            
sub/antially incorrect1 or  7ii7 is     
cancel$ by ! r5tal r$uction cr$it ag5cy 
because ! taxpay] violates ! qualifi$   
r5tal r$uction agreem5t &1 "u ! t]ms ( !
 agreem5t1 ! r5tal r$uction cr$it ag5cy 
is au?oriz$ to cancel all 7or any       
portion7 ( ! allocation by reason ( !   
violation4  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--  7,i7 =     
cal5d> ye> #bjba1 #ab4cj1  7,,ii7 =     
cal5d> ye> #bjbb1 #bd4ej1 &  7,,iii7 =  
cal5d> ye>s #bjbc & !reaft]1 #cf4ge4    
7ii7 ,m9imum ceil+ am\nt ,! m9imum ceil+
 am\nt is--  7,i7 = cal5d> ye> #bjba1   
#ad1jjj1jjj1  7,,ii7 = cal5d> ye> #bjbb1
 #bh1jjj1jjj1 &  7,,iii7 = cal5d> ye>s  

#bjbc & !reaft]1 #db1jjj1jjj4  7iii7    
,co/-(-liv+ adju/m5t ,9 ! case ( a      
cal5d> ye> beg9n+ aft] #bjbc1 ! #cf4ge &
 #db1jjj1jjj am\nts 9 clauses 7i77,,iii7
 & 7ii77,,iii7 %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>
 #bjbb = cal5d> ye> #bjaf 9 subp>agraph 
7,a77ii7 !re(4  ,9 ! case ( !           
#db1jjj1jjj am\nt1 any increase "u ?is  
clause :i* is n a multiple ( #e1jjj %all
 be r\nd$ to ! next l[e/ multiple (     
#e1jjj & 9 ! case ( ! #cf4ge am\nt1 any 
increase "u ?is clause :i* is n a       
multiple ( #e c5ts %all be r\nd$ to !   
next l[e/ multiple ( #e c5ts4  7,d7     
,population ,= purposes ( ?is p>agraph1 
population %all be det]m9$ 9 accordance 
) section #adf7;j74  7,e7 ,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$+ cal5d> ye>1 &   
7,,ii7 = :i* a reque/ is made 7at su* "t
 & 9 su* mann] z ! ,secret>y may        
prescribe7 to receive an allocation "u  
clause 7iii74  7#e7 ,o!r def9itions ,=  
purposes ( ?is section--  7,a7 ,r5tal   
r$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     
section4 ,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  7,c7     
,family ,! t]m family has ! same mean+ z
 :5 us$ 9 ! ,unit$ ,/ates ,h\s+ ,act (  
#aicg4  7d7 ,modifications ,to correct  
inaccurate am\nts due to incorrect      
e/imates  7#a7 ,e/abli%m5t ( res]ves    
7,a7 ,9 g5]al ,ea* r5tal r$uction cr$it 
ag5cy ( a ,/ate %all e/abli% a res]ve = 
! transf] & reallocation ( am\nts       
pursuant to ?is p>agraph1 & not)/&+ any 

o!r provision ( ?is section1 ! r5tal    
r$uction cr$it am\nt allocat$ to any    
build+ by su* ag5cy %all be z]o unless  
su* ag5cy has 9 effect su* a res]ve at !
 "t ( ! allocation ( su* cr$it am\nt4   
7,b7 ,transf]s to res]ve  7i7 ,9 g5]al  
,if1 = any taxable ye>1 a taxpay] w\ld  
7b = ?is subp>agraph7 n be able to use !
 entire r5tal r$uction cr$it am\nt      
allocat$ to a qualifi$ build+ by a r5tal
 r$uction cr$it ag5cy ( a ,/ate = !     
taxable ye> because ( a r5tal r$uction  
%ortfall1 !n ! taxpay] %all = ! taxable 
ye> transf] to ! res]ve e/abli%$ by su* 
ag5cy "u subp>agraph 7,a7 an am\nt equal
 to su* r5tal r$uction %ortfall4  7ii7  
,r5tal r$uction %ortfall ,= purposes (  
?is subp>agraph1 ! r5tal r$uction       
%ortfall = any qualifi$ build+ = any    
taxable ye> is ! am\nt by :i* !         
aggregate am\nt ( ! excesses det]m9$ "u 
subsection 7b77#a7 = all eligible units 
)9 su* build+ are less ?an su* aggregate
 am\nt e/imat$ "u subsection            
7c77#b77;,b7 = ! taxable ye>4  7iii7    

,treatm5t ( transf]r$ am\nt ,= purposes 
( subsection 7a77#b77;,a71 ! aggregate  
qualifi$ r5tal r$uction am\nts = all    
eligible units )9 a qualifi$ build+ )   
respect to :i* clause 7i7 applies = any 
taxable ye> %all be increas$ by an am\nt
 equal to ! applicable p]c5tage 7det]m9$
 "u subsection 7e77#a7 = ! build+7 ( !  
am\nt ( ! transf] to ! res]ve "u clause 
7i7 ) respect to su* build+ = su*       
taxable ye>4  7,c7 ,reallocation (      
am\nts transf]r$  7i7 ,9 g5]al ,if1 =   
any taxable ye>--  7,i7 ! aggregate     
qualifi$ r5tal r$uction am\nts = all    
eligible units )9 a qualifi$ build+ = ! 
taxable ye> exce$  7,,ii7 ! r5tal       
r$uction cr$it am\nt allocat$ to su*    
build+ by a r5tal r$uction cr$it ag5cy (
 a ,/ate = ! taxable ye> 7det]m9$ aft]  
any increase "u p>agraph 7#b771  ! r5tal
 r$uction cr$it ag5cy %all1 ^u          
application ( ! taxpay]1 pay to !       
taxpay] f ! res]ve e/abli%$ by su* ag5cy
 "u subp>agraph 7,a7 ! am\nt :i*1 :5    
multipli$ by ! applicable p]c5tage      

7det]m9$ "u subsection 7e77#a7 = !      
build+71 equals su* excess4 ,if ! am\nt 
9 ! res]ve is less ?an ! am\nts reque/$ 
by all taxpay]s = taxable ye>s end+ )9 !
 same cal5d> ye>1 ! ag5cy %all ratably  
r$uce ! am\nt ( ea* paym5t o!rwise      
requir$ to be made4  7ii7 ,excess res]ve
 am\nts ,if a r5tal r$uction cr$it ag5cy
 ( a ,/ate det]m9es t ! balance 9 its   
res]ve is 9 excess ( ! am\nts reasonably
 ne$$ ov] ! foll[+ #e cal5d> ye>s to    
make paym5ts "u clause 7i71 ! ag5cy may 
)draw su* excess b only to-- 7,i7 r$uce 
! r5tal paym5ts ( eligible t5ants 9 a   
qualifi$ build+ 9 units o!r ?an eligible
 units1 or ( eligible t5ants 9 units 9 a
 build+ o!r ?an a qualifi$ build+1 to   
am\nts no high] ?an ! sum ( r5tal       
paym5ts requir$ = eligible t5ants 9     
qualifi$ build+s "u subsection 7b77#c7 &
 any r5tal *>ges to su* t5ants 9 excess 
( ! m>ket r5t /&>d2 or  7,,ii7 address  
ma9t5ance & repair ne$s 9 qualifi$      
build+s t _c reasonably be met us+ o!r  
res\rces available to ! own]s ( su*     

build+s4  7,d7 ,adm9i/ration ,ea* r5tal 
r$uction cr$it ag5cy ( a ,/ate %all     
e/abli% proc$ures = ! tim+ & mann] (    
transf]s & paym5ts made "u ?is p>agraph4
  7,e7 ,special rule = projects ,9 !    
case ( a r5tal r$uction cr$it allocat$  
to a project consi/+ ( m ?an #a qualifi$
 build+1 a taxpay] may elect to h ?is   
p>agraph apply z if all su* build+s 7 #a
 qualifi$ build+ if ! applicable        
p]c5tage = ea* su* build+ is ! same4    
7,f7 ,alt]native me?ods ( transf] &     
reallocation ,^u reque/ to1 & approval  
by1 ! ,secret>y1 a ,/ate may e/abli% an 
alt]native me?od = ! transf] &          
reallocation ( am\nts o!rwise requir$ to
 be transf]r$ to1 & allocat$ f1 a res]ve
 "u ?is p>agraph4 ,any ,/ate adopt+ an  
alt]native me?od "u ?is subp>agraph     
%all1 at su* "t & 9 su* mann] z !       
,secret>y prescribes1 provide to !      
,secret>y & ! ,secret>y ( ,h\s+ & ,urban
 ,developm5t detail$ reports on !       
op]ation ( su* me?od1 includ+ provid+   
su* in=mation z su* ,secret>ies may     

require4  7#b7 ,allocation ( return$    
,/ate ceil+ am\nts ,9 ! case ( any r5tal
 r$uction cr$it am\nt allocat$ to a     
qualifi$ build+ :i* is cancel$ z provid$
 9 subsection 7c77#d77;,b77i71 ! r5tal  
r$uction cr$it ag5cy may1 9 lieu (      
treat+ su* allocation z a return$ cr$it 
am\nt "u subsection 7c77#d77;,a77ii71   
elect to allocate1 ^u ! reque/ ( !      
taxpay]1 su* am\nt to any o!r qualifi$  
build+ = :i* ! cr$it am\nt allocat$ 9   
any prec$+ cal5d> ye> 0 too small       
because ! e/imates made "u subsection   
7c77#b77;,b7 7 sub/antially incorrect4  
7#c7 ,r5t+ to noneligible t5ants ,if1   
aft] ! application ( p>agraphs 7#a77;,c7
 7or any simil> reallocation "u p>agraph
 7#a77;,f77 & 7#b71 a r5tal r$uction    
cr$it ag5cy ( a ,/ate det]m9es t1       
because ( ! incorrect e/imates "u       
subsection 7c77#b77;,b71 ! aggregate    
qualifi$ r5tal r$uction am\nts = all    
eligible units )9 a qualifi$ build+ w   
7on an ongo+ basis7 exce$ ! r5tal       
r$uction cr$it am\nt allocat$ to su*    

build+1 a taxpay] may elect1 subject to 
subsection 7g77#b7 & only to ! ext5t    
necess>y to elim9ate su* excess1 r5t    
vacant eligible units )\t reg>d to !    
requirem5ts t su* units be r5t$ only to 
eligible t5ants & at ! r5tal rate       
det]m9$ "u subsection 7b77#c74  7e7     
,t]ms relat+ to r5tal r$uction cr$it &  
requirem5ts ,= purposes ( ?is section-- 
7#a7 ,applicable p]c5tage  7,a7 ,9 g5]al
 ,! 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$uction doll> am\nt
 to su* build+4  7,b7 ,high] p]c5tage = 
high-opportunity areas ,! r5tal r$uction
 cr$it ag5cy may set a p]c5tage "u      
subp>agraph 7,a7 up to #abj p]c5t = any 
qualifi$ build+ :i*-- 7i7 t>gets its    
eligible units = r5tal to families )    
*ildr51 &  7ii7 is locat$ 9 a           
neighborhood :i* has a pov]ty rate ( no 
m ?an #aj p]c5t4  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$uction agreem5t is 9
 effect ) respect to su* build+4  7,b7  
,/ate option to r$uce p]iod ,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 unit     
7,a7 ,9 g5]al ,! t]m eligible unit      
means1 ) respect to any qualifi$ build+1
 a unit--  7i7 :i* is occupi$ by an     
eligible t5ant1  7ii7 ! r5t ( :i* = any 
mon? equals #cj p]c5t ( ! mon?ly family 
income ( ! resid5ts ( su* unit 7z       
det]m9$ "u p>agraph 7#e771  7iii7 )     
respect to :i* ! t5ant is n concurr5tly 
receiv+ r5tal assi/ance "u any o!r      
,f$]al program1 &  7iv7 :i* is c]tifi$  
to ! r5tal r$uction cr$it ag5cy z an    
eligible unit = purposes ( ?is section &
 ! qualifi$ r5tal r$uction agreem5t4    
,not)/&+ clause 7iii71 a ,/ate may      
provide 9 its ,/ate r5tal r$uction      
allocation plan t an eligible unit %all 
also n include a unit ) respect to :i*  

any resid5t is receiv+ r5tal assi/ance  
"u a ,/ate or local program4  7,b7      
,limitation on numb] ( units  7i7 ,9    
g5]al ,! numb] ( units :i* may be       
c]tifi$ z eligible units ) respect to   
any qualifi$ build+ "u subp>agraph      
7,a77iv7 at any "t %all n exce$ ! great]
 (-- 7,i7 #dj p]c5t ( ! total units 9   
su* build+1 or  7,,ii7 #be units4  ,9 ! 
case ( an allocation to a project "u    
subsection 7c77#a77;,b71 ! limitation "u
 ! prec$+ s5t5ce %all be appli$ on a    
project basis & ! c]tification ( su*    
eligible units %all be allocat$ to ea*  
build+ 9 ! project1 except t if build+s 
9 su* project are on non-contigu\s      
tracts ( l&1 build+s on ea* su* tract   
%all be treat$ z a sep>ate project =    
purposes ( apply+ ?is s5t5ce4  7ii7     
,build+s receiv+ previ\s ,f$]al r5tal   
assi/ance ,if1 at any "t prior to !     
ent]+ into ( a qualifi$ r5tal r$uction  
agreem5t ) respect to a qualifi$ build+1
 t5ants 9 units )9 su* build+ _h be5    
receiv+ project-bas$ r5tal assi/ance "u 

any o!r ,f$]al program1 !n1 not)/&+     
clause 7i71 ! maximum numb] ( units :i* 
may be c]tifi$ z eligible units )       
respect to ! build+ "u subp>agraph      
7,a77iv7 %all n be less ?an ! sum (--   
7,i7 ! maximum numb] ( units 9 ! build+ 
previ\sly receiv+ su* assi/ance at any  
"t be=e ! agreem5t takes effect1 plus   
7,,ii7 ! am\nt det]m9$ "u clause 7i7 )\t
 tak+ into acc\nt ! units describ$ 9    
subclause 7,i74  7#d7 ,eligible t5ant   
7,a7 ,9 g5]al ,! t]m eligible t5ant     
means any individual if ! individual's  
family income does n exce$ ! great] (-- 
7i7 #cj p]c5t ( ! area m$ian gross      
income 7z det]m9$ "u section            
#db7;g77#a771 or  7ii7 ! applicable     
pov]ty l9e = a family ( ! size involv$4 
7,b7 ,treatm5t ( individuals ^: incomes 
rise above limit  7i7 ,9 g5]al ,not)/&+ 
an increase 9 ! family income ( resid5ts
 ( a unit above ! income limitation     
applicable "u subp>agraph 7,a71 su*     
resid5ts %all cont9ue to be treat$ z    
eligible t5ants if ! family income ( su*

 resid5ts initially met su* income      
limitation & su* unit cont9ues to be    
c]tifi$ z an eligible unit "u ?is       
section4  7ii7 ,no r5tal r$uction = at  
lea/ #b ye>s ,a qualifi$ r5tal r$uction 
agreem5t ) respect to a qualifi$ build+ 
%all provide t if1 by reason ( an       
increase 9 family income describ$ 9     
clause 7i71 !re is no qualifi$ r5tal    
r$uction am\nt ) respect to ! dwell+    
unit = #b consecutive ye>s1 ! taxpay]   
%all r5t ! next available unit to an    
eligible t5ant 7)\t reg>d to :e!r su*   
unit is an eligible unit "u ?is         
section74  7,c7 ,applicable pov]ty l9e  
,! t]m applicable pov]ty l9e means ! mo/
 rec5tly publi%$ 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 
7,a7 ,9 g5]al ,family income %all be    
det]m9$ 9 ! same mann] z "u section #h (
 ! ,unit$ ,/ates ,h\s+ ,act ( #aicg4    

7,b7 ,"t = det]m9+ income  7i7 ,9 g5]al 
,except z provid$ 9 ?is subp>agraph1    
family income %all be det]m9$ at lea/   
annually on ! basis ( income = ! prec$+ 
cal5d> ye>4  7ii7 ,families on fix$     
income ,if at lea/ #ij p]c5t ( ! family 
income ( ! resid5ts ( a unit at ! "t (  
any det]m9ation "u clause 7i7 is d]iv$ f
 paym5ts "u title ,,ii or ,,xvi ( !     
,social ,security ,act 7or any simil>   
fix$ income am\nts specifi$ by !        
,secret>y71 ! taxpay] may elect to treat
 su* paym5ts 7or am\nts7 z ! family     
income ( su* resid5ts = ! ye> ( !       
det]m9ation & ! #b succe$+ ye>s1 except 
t ! taxpay] %all1 9 su* mann] z !       
,secret>y may prescribe1 adju/ su* am\nt
 = increases 9 ! co/ ( liv+4  7iii7     
,initial income ,! ,secret>y may all[ a 
,/ate to provide t ! family income (    
resid5ts at ! "t su* resid5ts fir/ r5t a
 unit 9 a qualifi$ build+ may be det]m9$
 on ! basis ( curr5t or anticipat$      
income4  7iv7 ,special rules :]e family 
income is r$uc$ ,if resid5ts ( a unit   

e/abli% 79 su* mann] z ! r5tal r$uction 
cr$it ag5cy provides7 t _! family income
 has be5 r$uc$ by at lea/ #aj p]c5t bel[
 su* income = ! det]m9ation ye>-- 7,i7  
su* resid5ts may elect1 at su* "t & 9   
su* mann] z su* ag5cy may prescribe1 to 
h _! family income r$et]m9$1 &  7,,ii7  
clause 7ii7 %all n apply to any ( ! #b  
succe$+ ye>s describ$ 9 su* clause :i*  
are specifi$ 9 ! election4  7f7 ,/ate   
r5tal r$uction allocation plan  7#a7    
,adoption ( plan requir$  7,a7 ,9 g5]al 
,= purposes ( ?is section--  7i7 ea*    
,/ate %all1 be=e ! allocation ( its     
,/ate r5tal r$uction cr$it ceil+1       
e/abli% & h 9 effect a ,/ate r5tal      
r$uction allocation plan1 &  7ii7       
not)/&+ any o!r provision ( ?is section1
 ! r5tal r$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$uction allocation plan4  ,su*   
plan %all only be adopt$ aft] su* plan  
is made public & at lea/ #fj days has   
be5 all[$ = public comm5t4  7,b7 ,/ate  

r5tal r$uction allocation plan ,=       
purposes ( ?is section1 ! t]m ,/ate     
r5tal r$uction allocation plan means1 ) 
respect to any ,/ate1 any plan ( ! ,/ate
 meet+ ! requirem5ts ( p>agraphs 7#b7 & 
7#c74  7#b7 ,g5]al plan requirem5ts ,a  
plan %all meet ! requirem5ts ( ?is      
p>agraph 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 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>y1 &  7,c7 ! plan provides t su* 
ag5cy is requir$ to prioritize ! r5ewal 
( exi/+ cr$it allocations at ! "t ( !   
expiration ( ! qualifi$ r5tal r$uction  
agreem5t ) respect to ! allocation1     
includ+1 :]e appropriate1 a commitm5t )9

 a qualifi$ r5tal r$uction agreem5t t ! 
cr$it allocation w be r5ew$ if ! t]ms ( 
! agreem5t h be5 met & suffici5t new    
cr$it au?ority is available4  7#c7      
,specific requirem5ts ,a plan %all meet 
! requirem5ts ( ?is p>agraph only if--  
7,a7 ! plan provides me?ods = det]m9+-- 
7i7 ! am\nt ( r5t :i* w\ld be *>g$ = a  
sub/antially simil> unit 9 ! same build+
 :i* is n an eligible unit = purposes ( 
subsection 7b77#b77;,a77i71 includ+ :e!r
 su* det]m9ation may be made by         
self-c]tification or by und]tak+ r5t    
reasonabl5ess assessm5ts simil> to      
assessm5ts requir$ "u section #h7o77#aj7
 ( ! ,unit$ ,/ates ,h\s+ ,act ( #aicg   
7#db ,u4,s4,c4 #adcg;f7o77#aj771  7ii7 !
 qualifi$ r5tal r$uction am\nts "u      
subsection 7c77#b77;,b71 &  7iii7 !     
applicable p]c5tage "u subsection       
7e77#a71  7,b7 ! plan provides a        
proc$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$uction     
agreem5t & 9 notify+ ! ,int]nal ,rev5ue 
,s]vice ( any su* noncompliance ( :i*   
su* ag5cy becomes aw>e1 &  7ii7         
noncompliance ) habitability /&>ds ?r\gh
 regul> site visits1  7,c7 ! plan       
requires a p]son receiv+ a cr$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$uction 
agreem5t1 &  7,d7 ! plan provides me?ods
 by :i* any excess res]ve am\nts :i*    
become available "u subsection          
7d77#a77;,c77ii7 w be us$ to r$uce r5tal
 paym5ts ( eligible t5ants or to address
 ma9t5ance & repair ne$s 9 qualifi$     
build+s1 includ+ h[ su* assi/ance w be  
allocat$ among eligible t5ants &        
qualifi$ build+s4  7g7 ,qualifi$ r5tal  
r$uction agreem5t ,= purposes ( ?is     
section--  7#a7 ,9 g5]al ,! t]m qualifi$
 r5tal r$uction agreem5t means1 )       
respect to any build+ :i* is resid5tial 
r5tal prop]ty 7z def9$ 9 section        

#afh7;e77#b77;,a771 a writt51 b9d+      
agreem5t betwe5 a r5tal r$uction cr$it  
ag5cy & ! taxpay] :i* specifies-- 7,a7 !
 numb] ( eligible 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+7 & ! portion ( su*  
am\nt allocat$ to ea* mon? )9 ! cr$it   
p]iod "u subsection 7c77#b77;,b71  7,d7 
! applicable p]c5tage to be us$ 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 units )9 ! build+1 &  7,f7     
:e!r-- 7i7 ! ag5cy commits to ent]+ into
 a new agreem5t ) ! taxpay] if ! t]ms ( 
! agreem5t h be5 met & suffici5t new    
cr$it au?ority is available = su* new   
agreem5t1 &  7ii7 ! taxpay] is requir$  
to accept su* new agreem5t4  7#b7 ,t5ant
 protections ,a qualifi$ r5tal r$uction 
agreem5t %all provide ! foll[+3  7,a7   
,non-displacem5t ( non-eligible t5ants  

,a taxpay] receiv+ a r5tal r$uction     
cr$it am\nt may n refuse to r5ew ! lease
 ( or evict 7o!r ?an = good cause7 a    
t5ant ( a unit :o is n an eligible t5ant
 at any "t dur+ ! cr$it p]iod & su* unit
 %all n be treat$ z an eligible unit    
:ile su* t5ant resides !re4  7,b7 ,only 
good cause evictions ( eligible t5ants  
,a taxpay] receiv+ a r5tal r$uction     
cr$it am\nt may n refuse to r5ew ! lease
 ( or evict 7o!r ?an = good cause7 an   
eligible t5ant ( an eligible unit4  7,c7
 ,mobility ,a taxpay] receiv+ a r5tal   
r$uction cr$it am\nt %all-- 7i7 give    
priority to r5t any available unit (    
suitable size to t5ants :o are eligible 
t5ants :o are mov+ f ano!r qualifi$     
build+ :]e su* t5ants _h liv$ at lea/ #a
 ye> & 7 9 good /&+1 &  7ii7 in=m       
eligible t5ants )9 ! build+ ( _! "r to  
move aft] #a ye> & provide a li/ ma9ta9$
 by ! ,/ate ( qualifi$ build+s :]e su*  
t5ants might move4  7iii7 ,fair h\s+ &  
civil rights ,if a taxpay] receives a   
r5tal r$uction cr$it am\nt--  7,i7 su*  

taxpay] %all comply ) ! ,fair ,h\s+ ,act
 ) respect to ! build+1 &  7,,ii7 !     
receipt ( su* am\nt %all be treat$ z !  
receipt ( ,f$]al f9ancial assi/ance =   
purposes ( apply+ any ,f$]al civil      
rights laws4  7iv7 ,admissions pref]5ces
 ,a taxpay] receiv+ a r5tal r$uction    
cr$it am\nt %all comply ) any admissions
 pref]5ces e/abli%$ by ! ,/ate = t5ants 
)9 p>ticul> demographic gr\ps eligible =
 heal? or social s]vices4  7#c7         
,compliance requirem5ts ,a qualifi$     
r5tal r$uction agreem5t %all provide t a
 taxpay] receiv+ a r5tal r$uction cr$it 
am\nt %all comply ) all report+ & o!r   
proc$ures e/abli%$ by ! ,/ate to ensure 
compliance ) ?is section & su* agreem5t4
  7#d7 ,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 ( 
su* project4  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       
7g77#a7 requir$ to be conta9$ 9 !       
qualifi$ r5tal r$uction agreem5t )      
respect to ! build+1 &  7,b7 su* o!r    
in=mation z ! ,secret>y may require4  ,9
 ! case ( a failure to make !           
c]tification requir$ 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 r5tal     
r$uction cr$it ag5cy  7,a7 ,reports ,ea*
 r5tal r$uction cr$it ag5cy :i*         
allocates any r5tal r$uction cr$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+--  
7i7 ! am\nt ( r5tal r$uction cr$it      
am\nts allocat$ to ea* su* build+ = su* 
ye>1  7ii7 suffici5t in=mation to       
id5tify ea* su* build+ & ! taxpay] )    
respect !reto1  7iii7 in=mation z to !  
demographic & income *>act]i/ics (      
eligible t5ants ( all su* build+s to :i*
 su* am\nts 7 allocat$1 &  7iv7 su* o!r 
in=mation z ! ,secret>y may require4    
7,b7 ,p5alty ,! p5alty "u section       
#ffeb7;j7 %all apply to any failure to  

submit ! report requir$ by subp>agraph  
7,a7 on ! date prescrib$ !re=4  7,c7    
,in=mation made public ,! ,secret>y     
%all1 9 consultation ) ,secret>y ( ,h\s+
 & ,urban ,developm5t1 make in=mation   
report$ "u ?is p>agraph = ea* qualifi$  
build+ available to ! public annually to
 ! greate/ degree possible )\t disclos+ 
p]sonal in=mation ab\t individual       
t5ants4  7i7 ,special rule = paym5ts to 
p>tn]%ips & ,s corporations ,= purposes 
( ?is subtitle1 9 ! case ( any qualifi$ 
build+ directly held by any p>tn]%ip or 
,s corporation1 ! paym5t "u section     
#fdcc %all be made 9 lieu ( ! cr$it     
det]m9$ "u ?is section ) respect to su* 
build+4  7j7 ,regulations & guidance ,! 
,secret>y %all prescribe su* regulations
 or guidance z may be necess>y to c>ry  
out ! purposes ( ?is section1 includ+-- 
7#a7 provid+ necess>y =ms & in/ructions1
 &  7#b7 provid+ = prop] treatm5t (     
projects = :i* a cr$it is all[$ bo? "u  
?is section & section #db4  4  7b7      
,paym5t to p>tn]%ips & ,s corporations 9

 lieu ( cr$it  7#a7 ,9 g5]al ,sub*apt]  
,b ( *apt] #fe ( ! ,int]nal ,rev5ue     
,code ( #aihf is am5d$ by add+ at ! end 
! foll[+ new section3  #fdcc4 ,paym5ts 9
 lieu ( r5t]s cr$it = p>tn]%ips & ,s    
corporations  7a7 ,9 g5]al ,9 ! case (  
any qualifi$ build+ 7z def9$ 9 section  
#cf;,c7a77#c77 directly held by any     
p>tn]%ip or ,s corporation1 ! ,secret>y 
%all pay to su* p>tn]%ip or ,s          
corporation = any taxable ye> an am\nt  
equal to ! am\nt ( ! cr$it :i*1 b =     
section #cf;,c7i71 w\ld be all[$ "u     
section #cf;,c ) respect to su* build+4 
7b7 ,regulatory au?ority ,! ,secret>y   
%all prescribe su* regulations1 rules1 &
 guidance z may be necess>y to c>ry out 
section #cf;,c7i71 section #ib1 & ?is   
section1 includ+ regulations1 rules1 &  
guidance provid+ =-- 7#a7 ! application 
( ! rules "u section #cf;,c ) respect to
 paym5ts "u ?is section 9 ! same mann] z
 su* rules apply = purposes ( ! cr$it "u
 section #cf;,c1  7#b7 ! "t & mann] (   
paym5ts "u subsection 7a71 &  7#c7 !    

det]m9ation ( a p>tn]'s di/ributive %>e1
 or an ,s corporation %>ehold]'s pro    
rata %>e1 ( any paym5t "u subsection    
7a74  4  7#b7 ,con=m+ am5dm5t ,! table (
 sections = sub*apt] ,b ( *apt] #fe ( ! 
,int]nal ,rev5ue ,code ( #aihf is am5d$ 
by add+ at ! end ! foll[+ new item3     
,sec4 #fdcc4 ,paym5ts 9 lieu ( r5t]s    
cr$it = p>tn]%ips & ,s corporations4  4 
7c7 ,cr$it includible 9 gross income    
7#a7 ,9 g5]al ,"p ,,ii ( sub*apt] ,b (  
*apt] #a ( ! ,int]nal ,rev5ue ,code (   
#aihf is am5d$ by add+ at ! end ! foll[+
 new section3  #ib4 ,inclusion 9 income 
( r5t]s cr$it & paym5ts ,gross income   
includes ! am\nt ( ! cr$it all[$ to !   
taxpay] "u section #cf;,c = ! taxable   
ye> & ! am\nt ( any paym5t 9 lieu ( su* 
cr$it "u section #fdcc4  4  7#b7 ,income
 disreg>d$ = alt]native m9imum taxable  
income ,section #ef7;a7 ( su* ,code is  
am5d$ by add+ at ! end ! foll[+3  7#h7  
,section #ib n applicable ,section #ib  
7relat+ to inclusion 9 income ( r5t]s   
cr$it7 %all n apply4  4  7#c7 ,con=m+   

am5dm5t ,! table ( sections = "p ,,ii ( 
sub*apt] ,b ( *apt] #a ( su* ,code is   
am5d$ by add+ at ! end ! foll[+ new     
item3  ,sec4 #ib4 ,inclusion 9 income ( 
r5t]s cr$it & paym5ts4  4  7d7          
,adm9i/rative fees ,no provision (1 or  
am5dm5t made by1 ?is ,act %all be       
con/ru$ to prev5t a r5tal r$uction cr$it
 ag5cy ( a ,/ate f impos+ fees to cov]  
its co/s or f levy+ any su* fee on a    
taxpay] apply+ = or receiv+ a r5tal     
r$uction cr$it am\nt4  7e7 ,o!r con=m+  
am5dm5ts  7#a7 ,section #fbaa7;b77#d7 ( 
! ,int]nal ,rev5ue ,code ( #aihf is     
am5d$ by ins]t+ #cf;,c 7includ+ any     
relat$ paym5t "u section #fdcc71 aft]   
#cf;,b14  7#b7 ,p>agraph 7#b7 ( section 
#acbd7;b7 ( title #ca1 ,unit$ ,/ates    
,code1 is am5d$ by ins]t+ #cf;,c        
7includ+ any relat$ paym5t "u section   
#fdcc71 aft] #cf;,b14  7#c7 ,! 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]s  
cr$it4  4  7f7 ,effective date ,!       
am5dm5ts made by ?is section %all apply 
to taxable ye>s beg9n+ aft] ,decemb]    
#ca1 #bjbj4