,,ii  #aah? ,,congress  #b;d ,session   
,s4 #eaef  ,,9 ,,! ,,s5ate ,,( ,,!      
,,unit$ ,,/ates  ,septemb] #bd1         
#bjbd,mr4 ,:iteh\se 7= himself & ,mr4   
,re$7 introduc$ ! foll[+ bill2 :i* 0    
read twice & ref]r$ to ! ,committee on  
,f9ance  ,a ,,bill  ,to am5d ! ,int]nal 
,rev5ue ,code ( #aihf to enhance !      
l[-income h\s+ tax cr$it1 & = o!r       
purposes4  #a4 ,%ort title ,?is ,act may
 be cit$ z ! ,af=dable ,h\s+            
,con/ruction ,act4  #b4 ,increase 9     
,/ate h\s+ cr$it ceil+  7a7 ,9 g5]al    
,section #db7;h77#c77;,c77ii7 ( !       
,int]nal ,rev5ue ,code ( #aihf is       
am5d$-- 7#a7 by /rik+ #a4ge 9 subclause 
7,i7 & ins]t+ #i4gi1 &  7#b7 by /rik+   
#b1jjj1jjj 9 subclause 7,,ii7 & ins]t+  
#aa1cdj1jjj4  7b7 ,inflation adju/m5ts  
,section #db7;h77#c77;,h7 is am5d$--    
7#a7 by /rik+ ,9 ! case ( a cal5d> ye>  
aft] #bjjb1 ! #b1jjj1jjj & #a4ge am\nts 
9 subp>agraph 7,c7 9 clause 7i7 & ins]t+
 ,9 ! case ( a cal5d> ye> aft] #bjbe1 ! 
#af1edb1ifh & #i4gi am\nts 9 subp>agraph

 7,c71  7#b7 by /rik+ cal5d> ye> #bjja 9
 clause 7i77,,ii7 & ins]t+ cal5d> ye>   
#bjbd1  7#c7 by /rik+ #b1jjj1jjj 9      
clause 7ii77,i7 & ins]t+ #aa1cdj1jjj1 & 
7#d7 by /rik+ #a4ge 9 clause 7ii77,,ii7 
& ins]t+ #i4gi4  7c7 ,effective date ,! 
am5dm5ts made by ?is section %all apply 
to cal5d> ye>s beg9n+ aft] ,decemb] #ca1
 #bjbd4  #c4 ,increas$ cr$it am\nts &   
cr$it allocation set-asides = c]ta9     
build+s  7a7 ,increas$ cr$it am\nts     
7#a7 ,9 g5]al ,section #db7;d77#e7 ( !  
,int]nal ,rev5ue ,code ( #aihf is am5d$ 
by add+ at ! end ! foll[+ new           
subp>agraphs3  7,c7 ,increase 9 cr$it = 
prevail+ wage build+s  7i7 ,9 g5]al ,9 !
 case ( any build+ :i* pays applicable  
labor]s at rates n less ?an ! prevail+  
rates = con/ruction1 alt]ation1 or      
repair ( a simil> "* 9 ! locality 9 :i* 
su* facility is locat$ z mo/ rec5tly    
det]m9$ by ! ,secret>y ( ,labor1 9      
accordance ) sub*apt] ,,iv ( *apt] #ca (
 title #dj1 ,unit$ ,/ates ,code1 & :i*  
is designat$ by ! h\s+ cr$it ag5cy z    

requir+ ! increase 9 cr$it "u ?is       
subp>agraph 9 ord] = su* paym5ts to be  
f9ancially feasible z "p ( a qualifi$   
l[-income h\s+ project-- 7,i7 9 ! case (
 a new build+1 ! eligible basis ( su*   
build+ %all be increas$ by #ej p]c5t (  
su* basis det]m9$ )\t reg>d to ?is      
subp>agraph & subp>agraphs 7,b71 7,d71  
7,e71 7,f71 & 7,g71 &  7,,ii7 9 ! case (
 an exi/+ build+1 ! rehabilitation      
exp5ditures tak5 into acc\nt "u         
subsection 7e7 %all be increas$ by #ej  
p]c5t ( su* exp5ditures det]m9$ )\t     
reg>d to ?is subp>agraph & subp>agraphs 
7,b71 7,d71 7,e71 7,f71 & 7,g74  7ii7   
,applicable labor]s ,= purposes ( ?is   
clause1 ! t]m applicable labor]s means1 
) respect to any build+1 any labor]s    
employ$ by ! taxpay]1 or any contractor 
or subcontractor1 9 ! con/ruction1      
alt]ation1 or repair ( ! build+4  7,d7  
,increase 9 cr$it = build+s p[]$ by     
r5ewable en]gy  7i7 ,9 g5]al ,9 ! case (
 any build+ :i* utilizes r5ewable en]gy 
7z def9$ 9 section #bjc7;b77#b7 ( !     

,en]gy ,policy ,act ( #bjje71 & :i* is  
designat$ by ! h\s+ cr$it ag5cy z       
requir+ ! increase 9 cr$it "u ?is       
subp>agraph 9 ord] = su* r5ewable en]gy 
use to be f9ancially feasible z "p ( a  
qualifi$ l[-income h\s+ project-- 7,i7 9
 ! case ( a new build+1 ! eligible basis
 ( su* build+ %all be increas$ by !     
applicable p]c5tage ( su* basis det]m9$ 
)\t reg>d to ?is subp>agraph &          
subp>agraphs 7,b71 7,c71 7,e71 7,f71 &  
7,g71 &  7,,ii7 9 ! case ( an exi/+     
build+1 ! rehabilitation exp5ditures    
tak5 into acc\nt "u subsection 7e7 %all 
be increas$ by ! applicable p]c5tage (  
su* exp5ditures det]m9$ )\t reg>d to ?is
 subp>agraph & subp>agraphs 7,b71 7,c71 
7,e71 7,f71 & 7,g74  7ii7 ,applicable   
p]c5tage ,= purposes ( ?is subp>agraph1 
! applicable p]c5tage is #ej p]c5t ( !  
p]c5tage ( ! en]gy utiliz$ by su* build+
 :i* is f r5ewable en]gy 7z s def9$74   
7,e7 ,increase 9 cr$it = build+s ne>    
public transportation  7i7 ,9 g5]al ,9 !
 case ( any build+ :i* is locat$ 9 a    

public transportation zone & :i* is     
designat$ by ! h\s+ cr$it ag5cy z       
requir+ ! increase 9 cr$it "u ?is       
subp>agraph 9 ord] = su* build+ to be   
f9ancially feasible z "p ( a qualifi$   
l[-income h\s+ project-- 7,i7 9 ! case (
 a new build+1 ! eligible basis ( su*   
build+ %all be increas$ by #be p]c5t (  
su* basis det]m9$ )\t reg>d to ?is      
subp>agraph & subp>agraphs 7,b71 7,c71  
7,d71 7,f71 & 7,g71 &  7,,ii7 9 ! case (
 an exi/+ build+1 ! rehabilitation      
exp5ditures tak5 into acc\nt "u         
subsection 7e7 %all be increas$ by #be  
p]c5t ( su* exp5ditures det]m9$ )\t     
reg>d to ?is subp>agraph & subp>agraphs 
7,b71 7,c71 7,d71 7,f71 & 7,g74  7ii7   
,public transportation zone ,= purposes 
( ?is subp>agraph1 a build+ is locat$ 9 
a public transportation zone if-- 7,i7 !
 build+ is )9 "o-half mile ( an exi/+   
commut] rail1 light rail1 or subway     
/ation1  7,,ii7 ! build+ is )9 "o-qu>t] 
mile ( "o or m exi/+ public bus /ops1 or
  7,,iii7 ! build+ is locat$ 9 a c5sus  

tract-- 7aa7 designat$ by ! ,adm9i/rator
 ( ! ,environm5tal ,protection ,ag5cy z 
hav+ above av]age walkability1 or  7bb7 
:i* is adjac5t to #b or m su* c5sus     
tracts describ$ 9 item 7aa74  7,f7      
,increase 9 cr$it = build+s s]v+        
h\seholds ) p ) disabilities  7i7 ,9    
g5]al ,9 ! case ( any build+ :i* has    
l[-income units t meet ! applicable     
design /&>ds = occupancy by p]sons )    
m5tal1 physical1 s5sory1 or developm5tal
 disabilities1 & :i* is designat$ by !  
h\s+ cr$it ag5cy z requir+ ! increase 9 
cr$it "u ?is subp>agraph 9 ord] = su*   
build+ to be f9ancially feasible z "p ( 
a qualifi$ l[-income h\s+ project-- 7,i7
 9 ! case ( a new build+1 ! eligible    
basis ( su* build+ %all be increas$ by !
 applicable p]c5tage ( su* basis det]m9$
 )\t reg>d to ?is subp>agraph &         
subp>agraphs 7,b71 7,c71 7,d71 7,d71 &  
7,g71 &  7,,ii7 9 ! case ( an exi/+     
build+1 ! rehabilitation exp5ditures    
tak5 into acc\nt "u subsection 7e7 %all 
be increas$ by ! applicable p]c5tage (  

su* exp5ditures det]m9$ )\t reg>d to ?is
 subp>agraph & subp>agraphs 7,b71 7,c71 
7,d71 7,e71 & 7,g74  7ii7 ,design /&>ds 
,= purposes ( clause 7i71 ! t]m         
applicable design /&>ds means !         
pr9ciples & /&>ds ( adaptable design z  
detail$ 9 ! ,uni=m ,f$]al ,accessibility
 ,/&>ds1 or any successor /&>d designat$
 by ! ,secret>y4  7iii7 ,applicable     
p]c5tage ,= purposes ( ?is subp>agraph1 
! t]m applicable p]c5tage means ! numb] 
( p]c5tage po9ts 7n to exce$ #ej        
p]c5tage po9ts7 by :i*-- 7,i7 ! ratio   
7express$ z a p]c5tage & r\nd$ to !     
ne>e/ p]c5t7 ( ! numb] ( l[-income units
 9 ! build+ t meet ! applicable design  
/&>ds = occupancy by p]sons ) m5tal1    
physical1 s5sory1 or developm5tal       
disabilities be>s to ! total numb] (    
units 9 ! build+1 exce$s  7,,ii7 #e     
p]c5tage po9ts4  7,g7 ,increase 9 cr$it 
= build+s s]v+ extremely l[-income      
families  7i7 ,9 g5]al ,9 ! case ( any  
build+ 9 :i* #bj p]c5t ( ! units are    
occupi$ by extremely l[-income families 

& :i* is designat$ by ! h\s+ cr$it ag5cy
 z requir+ ! increase 9 cr$it "u ?is    
subp>agraph 9 ord] = su* build+ to be   
f9ancially feasible z "p ( a qualifi$   
l[-income h\s+ project-- 7,i7 9 ! case (
 a new build+1 ! eligible basis ( su*   
build+ %all be increas$ by #ej p]c5t (  
su* basis det]m9$ )\t reg>d to ?is      
subp>agraph & subp>agraphs 7,b71 7,c71  
7,d71 7,e71 & 7,f71 &  7,,ii7 9 ! case (
 an exi/+ build+1 ! rehabilitation      
exp5ditures tak5 into acc\nt "u         
subsection 7e7 %all be increas$ by #ej  
p]c5t ( su* exp5ditures det]m9$ )\t     
reg>d to ?is subp>agraph & subp>agraphs 
7,b71 7,c71 7,d71 7,e71 & 7,f74  7ii7   
,extremely l[-income families ,=        
purposes ( ?is subp>agraph1 ! t]m       
extremely l[-income families means      
families ^: annual incomes d n exce$ #cj
 p]c5t ( ! area m$ian gross income1 z   
det]m9$ 9 consultation ) ! ,secret>y (  
,heal? & ,human ,s]vices4  7,h7         
,limitation ,not)/&+ subp>agraphs 7,b71 
7,c71 7,d71 7,e71 7,f71 & 7,g7-- 7i7 !  

eligible basis ( any build+ %all n exce$
 an am\nt equal to #bej p]c5t ( su*     
basis det]m9$ )\t reg>d to subp>agraphs 
7,b71 7,c71 7,d71 7,e71 7,f71 & 7,g71 & 
7ii7 ! rehabilitation exp5ditures tak5  
into acc\nt "u subsection 7e7 %all n    
exce$ #bej p]c5t ( su* exp5ditures      
det]m9$ )\t reg>d to subp>agraphs 7,b71 
7,c71 7,d71 7,e71 7,f71 & 7,g74  4  7#b7
 ,con=m+ am5dm5ts ,section              
#db7;d77#e77;,b77i7 ( su* ,code is      
am5d$-- 7,a7 by /rik+ %all be #acj p]c5t
 ( ea* place x appe>s 9 subclauses 7,i7 
& 7,,ii7 & ins]t+ %all be increas$ by   
#cj p]c5t (1 &  7,b7 by /rik+ ?is       
subp>agraph ea* place x appe>s 9        
subclauses 7,i7 & 7,,ii7 & ins]t+ ?is   
subp>agraph & subp>agraphs 7,b71 7,c71  
7,d71 7,e71 7,f71 & 7,g74  7#c7         
,effective date ,! am5dm5ts made by ?is 
subsection %all apply to build+s plac$ 9
 s]vice aft] ! date ( ! enactm5t ( ?is  
,act4  7b7 ,set-,aside = c]ta9 projects 
7#a7 ,9 g5]al ,section #db7;h7 ( !      
,int]nal ,rev5ue ,code ( #aihf is am5d$ 

by add+ at ! end ! foll[+ new p>agraph3 
7#i7 ,portion ( ,/ate ceil+ set-aside = 
c]ta9 projects  7,a7 ,9 g5]al ,n m ?an  
two-?irds ( ! ,/ate h\s+ cr$it ceil+ =  
any ,/ate = any cal5d> ye> %all be      
allocat$ to projects o!r ?an qualifi$   
l[-income h\s+ projects describ$ 9      
subp>agraphs 7,c71 7,d71 7,e71 7,f71 &  
7,g7 ( subsection 7d77#e74  7,b7 ,/ate  
may n ov]ride set-aside ,no?+ 9         
subp>agraph 7,f7 ( p>agraph 7#c7 %all be
 con/ru$ to p]mit a ,/ate n to comply ) 
subp>agraph 7,a7 ( ?is p>agraph4  4     
7#b7 ,effective date ,! am5dm5ts made by
 ?is subsection %all apply to cal5d>    
ye>s beg9n+ aft] ! date ( ! enactm5t (  
?is ,act4  #d4 ,tax-exempt bond f9anc+  
requirem5t  7a7 ,9 g5]al ,section       
#db7;h77#d7 ( ! ,int]nal ,rev5ue ,code (
 #aihf is am5d$ by /rik+ subp>agraph    
7,b7 & ins]t+ ! foll[+3  7,b7 ,special  
rule :]e m9imum p]c5t ( build+s is      
f9anc$ ) tax-exempt bonds subject to    
volume cap ,= purposes ( subp>agraph    
7,a71 p>agraph 7#a7 %all n apply to any 

portion ( ! cr$it all[able "u subsection
 7a7 ) respect to a build+ if-- 7i7 #ej 
p]c5t or m ( ! aggregate basis ( su*    
build+ & ! l& on :i* ! build+ is locat$ 
is f9anc$ by #a or m obligations        
describ$ 9 subp>agraph 7,a71 or  7ii7   
7,i7 #ae p]c5t or m ( ! aggregate basis 
( su* build+ & ! l& on :i* ! build+ is  
locat$ is f9anc$ by #a or m qualifi$    
obligations1 &  7,,ii7 #a or m ( su*    
qualifi$ obligations-- 7aa7 are "p ( an 
issue ! issue date ( :i* is aft]        
,decemb] #ca1 #bjbc1 &  7bb7 provide !  
f9anc+ = n less ?an #e p]c5t ( !        
aggregate basis ( su* build+ & ! l& on  
:i* ! build+ is locat$4  7,c7 ,qualifi$ 
obligation ,= purposes ( subp>agraph    
7,b77ii71 ! t]m qualifi$ obligation     
means an obligation :i* is describ$ 9   
subp>agraph 7,a7 & :i* is "p ( an issue 
! issue date ( :i* is be=e ,janu>y #a1  
#bjbf4  4  7b7 ,effective date  7#a7 ,9 
g5]al ,! am5dm5t made by ?is section    
%all apply to build+s plac$ 9 s]vice 9  
taxable ye>s beg9n+ aft] ,decemb] #ca1  

#bjbc4  7#b7 ,rehabilitation exp5ditures
 treat$ z sep>ate new build+ ,9 ! case (
 any build+ ) respect to :i* any        
exp5ditures are treat$ z a sep>ate new  
build+ "u section #db7;e7 ( ! ,int]nal  
,rev5ue ,code ( #aihf1 = purposes (     
p>agraph 7#a71 bo? ! exi/+ build+ & !   
sep>ate new build+ %all be treat$ z hav+
 be5 plac$ 9 s]vice on ! date su*       
exp5ditures are treat$ z plac$ 9 s]vice 
"u section #db7;e77#d7 ( su* ,code4  #e4
 ,modification ( ext5d$ use p]iod  7a7  
,9 g5]al ,section                       
#db7;h77#f77;,d77ii77,,ii7 ( ! ,int]nal 
,rev5ue ,code ( #aihf is am5d$ by /rik+ 
#ae ye>s & ins]t+ #ce ye>s4  7b7        
,effective date ,! am5dm5t made by ?is  
section %all apply to agreem5ts ent]$   
into 9 taxable ye>s beg9n+ aft] ! date (
 ! enactm5t ( ?is ,act4