,i  #aah? ,,congress  #b;d ,session  ,h4
 ,r4 #ihfb  ,,9 ,,! ,,h\se ,,(          
,,repres5tatives  ,septemb] #bg1        
#bjbd,ms4 ,crockett 7= h]self & ,ms4    
,lee ( ,cali=nia7 introduc$ ! foll[+    
bill2 :i* 0 ref]r$ to ! ,committee on   
,ways & ,means  ,a ,,bill  ,to am5d !   
,int]nal ,rev5ue ,code ( #aihf to all[ =
 ! reallocation ( unus$ volume cap =    
private activity bonds = qualifi$       
resid5tial r5tal projects4  #a4 ,%ort   
title ,?is ,act may be cit$ z ! ,combat+
 ! ,h\s+ ,supply ,%ortage ,act ( #bjbd4 
#b4 ,reallocation ( unus$ volume cap =  
private activity bonds = qualifi$       
resid5tial r5tal projects  7a7 ,9 g5]al 
,section #adf ( ! ,int]nal ,rev5ue ,code
 ( #aihf is am5d$ by add+ at ! end !    
foll[+ new subsection3  7o7             
,reallocation ( volume cap = h\s+       
production  7#a7 ,issuance ( supplem5tal
 bonds ,any private activity bonds issu$
 by an issu+ au?ority dur+ a cal5d> ye> 
= projects describ$ 9 section           
#adb7;a77#g7 %all n be tak5 into acc\nt 

"u subsection 7a7 to ! ext5t ! am\nt (  
su* bonds does n exce$ s mu* ( ! ,/ate's
 supplem5tal resid5tial r5tal limitation
 = su* cal5d> ye> z is allocat$ to su*  
issu+ au?ority by su* ,/ate = su* cal5d>
 ye>4  7#b7 ,supplem5tal resid5tial     
r5tal limitation ,= purposes ( ?is      
subsection--  7,a7 ,9 g5]al ,! t]m      
supplem5tal resid5tial r5tal limitation 
means1 ) respect to any ,/ate = any     
cal5d> ye>1 ! ,/ate's h\s+ ne$ p]c5tage 
( ! national unus$ volume cap am\nt =   
su* cal5d> ye>4  7,b7 ,h\s+ ne$ p]c5tage
 ,! h\s+ ne$ p]c5tage means1 ) respect  
to any ,/ate = any cal5d> ye>1 !        
p]c5tage det]m9$ by ! ,secret>y z be+   
equal to ! quoti5t (--  7i7 ! aggregate 
face am\nt ( multifamily h\s+ bonds     
issu$ by su* ,/ate dur+ ! second prec$+ 
cal5d> ye>1 divid$ by  7ii7 ! aggregate 
face am\nt ( su* bonds issu$ by all     
,/ates dur+ su* second prec$+ cal5d>    
ye>4  7,c7 ,allocations to issu+        
au?ority ,except z o!rwise provid$ by ! 
,secret>y1 ! supplem5tal resid5tial     

r5tal limitation %all be allocat$ by !  
,/ate to issu+ au?orities 9 su* mann] z 
! ,/ate provides4 ,! aggregate am\nt (  
supplem5tal resid5tial r5tal limitation 
tak5 into acc\nt "u p>agraph 7#a7 z     
allocat$ by any ,/ate = any cal5d> ye>  
%all n exce$ ! supplem5t resid5tial     
r5tal limitation ( su* ,/ate = su*      
cal5d> ye>4  7,d7 ,multifamily h\s+     
bonds ,! t]m multifamily h\s+ bond      
means1 ) respect to any ,/ate1 any bond 
= projects describ$ 9 section           
#adb7;a77#g7 :i* is tak5 into acc\nt "u 
subsection 7a7 ) respect to an issu+    
au?ority ( su* ,/ate4  7#c7 ,national   
unus$ volume cap am\nt ,= purposes ( ?is
 subsection-- 7,a7 ,9 g5]al ,! t]m      
national unus$ volume cap am\nt means1 )
 respect to a cal5d> ye>1 ! am\nt :i* is
 e/imat$ by ! ,secret>y z be+ equal to !
 sum (--  7i7 ! excess 7if any7 (-- 7,i7
 sum ( ! ,/ate ceil+s = all ,/ates = !  
second prec$+ cal5d> ye>1 ov]  7,,ii7 ! 
sum ( ! aggregate face am\nt ( private  
activity bonds tak5 into acc\nt "u      

subsection 7a7 = ! second prec$+ cal5d> 
ye> plus any portion ( ! am\nt describ$ 
9 subclause 7,i7 :i* is c>ri$ =w>d "u   
subsection 7f71  7ii7 ! am\nt ( any     
c>ry=w>d "u subsection 7f7 :i* expir$ at
 ! close ( ! second prec$+ cal5d> ye>1  
plus  7iii7 any supplem5tal resid5tial  
limitation allocat$ "u ?is subsection = 
! second prec$+ cal5d> ye> :i* 0 unus$ z
 ( ! close ( su* ye>4  7,b7 ,adju/m5ts  
,! ,secret>y %all make prop] adju/m5ts  
to ! national unus$ volume cap am\nt =  
any cal5d> ye> to ! ext5t ! ,secret>y's 
e/imates = prec$+ cal5d> ye>s 7 9 excess
 ( or less ?an ! ,secret>y's curr5t     
e/imates = su* prec$+ cal5d> ye>s4  7#d7
 ,in=mation report+  7,a7 ,9 g5]al ,!   
,secret>y %all require ea* ,/ate to     
submit to ! ,secret>y 9 su* mann]       
7includ+ electronically7 su* in=mation z
 ! ,secret>y det]m9es to be necess>y or 
appropriate to c>ry out ?is subsection4 
,9 ! case ( any ,/ate :i* fails to      
provide ! in=mation ref]r$ to 9 ! prec$+
 s5t5ce1 ! ,secret>y may r$uce ! ,/ate  

ceil+ ( su* ,/ate = ! cal5d> ye> foll[+ 
! cal5d> ye> 9 :i* su* failure occurs by
 an am\nt equal to n m ?an #e p]c5t ( ! 
am\nt ( su* ,/ate ceil+ 7det]m9$ )\t    
reg>d to ?is p>agraph7 z ! ,secret>y    
det]m9es appropriate4  7,b7 ,publication
 ,! ,secret>y %all1 n lat] ?an ,decemb] 
#ca ( ea* ye>1 publi% ! foll[+ in=mation
 = ! prec$+ cal5d> ye>3  7i7 ,) respect 
to ea* ,/ate-- 7,i7 ! sum ( ! face      
am\nts ( bonds issu$ by su* ,/ate t 7 n 
tak5 into acc\nt "u subsection 7a7 ?r\gh
 ! op]ation ( p>agraph 7#a71  7,,ii7 !  
supplem5tal resid5tial r5tal limitation 
= su* ,/ate1 &  7,,iii7 ! h\s+ ne$      
p]c5tage ( su* ,/ate4  7ii7 ,! am\nts   
det]m9$ "u clauses 7i71 7ii71 & 7iii7 ( 
p>agraph 7#c77;,a74  7iii7 ,! am\nt &   
ju/ification = any adju/m5t made "u     
p>agraph 7#c77;,b74  4  7b7 ,effective  
date ,! am5dm5t made by ?is section %all
 apply to bonds issu$ 9 cal5d> ye>s     
beg9n+ aft] ! date ( ! enactm5t ( ?is   
,act4