,,ii #aah? ,,congress #b;d ,session ,s4 #efjg ,,9 ,,! ,,s5ate ,,( ,,! ,,unit$ ,,/ates ,decemb] #ai 7legislative day1 ,decemb] #af71 #bjbd,mrs4 ,capito 7= h]self & ,mr4 ,w>n]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 ! rehabilitation cr$it = build+s 9 rural areas4 #a4 ,%ort title ,?is ,act may be cit$ z ! ,rural ,hi/oric ,tax ,cr$it ,improvem5t ,act4 #b4 ,enhancem5t ( rehabilitation cr$it = build+s 9 rural areas 7a7 ,9 g5]al ,section #dg7;a7 ( ! ,int]nal ,rev5ue ,code ( #aihf is am5d$-- 7#a7 9 p>agraph 7#a71 by /rik+ ,= purposes & ins]t+ ,except z provid$ 9 p>agraph 7#c71 = purposes1 & 7#b7 by add+ at ! end ! foll[+ new p>agraphs3 7#c7 ,applicable rural projects 7,a7 ,9 g5]al ,9 ! case ( any applicable rural project-- 7i7 p>agraph 7#a7 %all n apply = any qualifi$ rehabilitation exp5ditures ) respect to su* project1 & 7ii7 = ! taxable ye> 9 :i* su* project is plac$ 9 s]vice1 ! rehabilitation cr$it = su* taxable ye> is an am\nt equal to-- 7,i7 9 ! case ( a project :i* is an af=dable h\s+ project1 #dj p]c5t ( ! qualifi$ rehabilitation exp5ditures ) respect to su* project1 or 7,,ii7 9 ! case ( a project :i* is n an af=dable h\s+ project1 #cj p]c5t ( ! qualifi$ rehabilitation exp5ditures ) respect to su* project4 7,b7 ,applicable rural project 7i7 ,9 g5]al ,= purposes ( ?is section1 ! t]m applicable rural project means a qualifi$ rehabilitat$ build+ :i* is locat$ 9 a rural area4 7ii7 ,limitation ,9 ! case ( any applicable rural project1 ! total am\nt ( qualifi$ rehabilitation exp5ditures :i* may be tak5 into acc\nt "u ?is section ) respect to su* project may n exce$ #e1jjj1jjj4 7iii7 ,rural area ,= purposes ( ?is p>agraph1 ! t]m rural area means any area o!r ?an-- 7,i7 a city or t[n t has a population ( great] ?an #ej1jjj inhabitants1 or 7,,ii7 ! urbaniz$ area contigu\s & adjac5t to a city or t[n describ$ 9 subclause 7,i71 z def9$ by ! ,bureau ( ! ,c5sus bas$ on ! late/ dec5nial c5sus ( ! ,unit$ ,/ates4 7,c7 ,af=dable h\s+ project 7i7 ,9 g5]al ,= purposes ( ?is p>agraph1 ! t]m af=dable h\s+ project means a project-- 7,i7 9 :i*-- 7aa7 n less ?an #ej p]c5t ( ! aggregate squ>e feet ( ! complet$ project is h\s+1 & 7bb7 ) respect to ! h\s+ describ$ 9 item 7aa71 n less ?an #ej p]c5t ( ! aggregate squ>e feet ( su* h\s+-- 7,,aa7 is new af=dable h\s+1 or 7,,bb7 cont9ues to provide af=dable h\s+1 or 7,,ii7 9 :i* n less ?an #cc p]c5t ( ! aggregate squ>e feet ( ! complet$ project-- 7aa7 is new af=dable h\s+1 or 7bb7 cont9ues to provide af=dable h\s+4 7ii7 ,af=dable h\s+ ,= purposes ( ?is p>agraph1 ! t]m af=dable h\s+ means a dec5t1 safe1 & sanit>y dwell+1 ap>tm5t1 or o!r liv+ accommodation = a h\sehold ^: income does n exce$ #fj p]c5t ( ! m$ian income = ! m>ket area 7z def9$ by ! ,secret>y ( ,h\s+ & ,urban ,developm5t "u section #h ( ! ,unit$ ,/ates ,h\s+ ,act ( #aicg 7#db ,u4,s4,c4 #adcg;f774 7#d7 ,transf] ( cr$it = applicable rural projects 7,a7 ,9 g5]al ,subject to subp>agraph 7,b7 & su* regulations or o!r guidance z ! ,secret>y may provide1 ! taxpay] may transf] all or a portion ( ! cr$it det]m9$ "u p>agraph 7#c7 = an applicable rural project4 7,b7 ,c]tification 7i7 ,9 g5]al ,a transf] "u subp>agraph 7,a7 %all be accompani$ by a c]tificate :i* includes-- 7,i7 ! c]tification = ! c]tifi$ hi/oric /ructure ref]r$ to 9 subsection 7c77#c71 7,,ii7 ! taxpay]'s "n1 address1 tax id5tification numb]1 date ( project completion1 & ! am\nt ( cr$it be+ transf]r$1 7,,iii7 ! transf]ee's "n1 address1 tax id5tification numb]1 & ! am\nt ( cr$it be+ transf]r$1 & 7,,iv7 su* o!r in=mation z may be requir$ by ! ,secret>y4 7ii7 ,transf]ability ( c]tificate ,a c]tificate issu$ "u ?is section to a taxpay] %all be transf]able to any o!r taxpay]4 7,c7 ,tax treatm5t relat+ to c]tificate 7i7 ,disall[ance ( d$uction ,no d$uction %all be all[$ = ! am\nt ( consid]ation paid or incurr$ by ! transf]ee4 7ii7 ,all[ance ( cr$it ,! am\nt ( cr$it transf]r$ "u subp>agraph 7,a7-- 7,i7 %all n be all[$ to ! transf]or = any taxable ye>1 & 7,,ii7 %all be all[able to ! transf]ee z a cr$it det]m9$ "u ?is section = ! taxable ye> ( ! transf]ee 9 :i* su* cr$it is transf]r$4 7iii7 ,exclusion ,gross income %all n include any am\nt receiv$ 9 connection ) ! transf] ( ! c]tificate4 7,d7 ,recapture & o!r special rules ,! taxpay] :o claims a cr$it det]m9$ "u ?is section by reason ( a transf] ( an am\nt ( cr$it "u subp>agraph 7,a7 ) respect to an applicable rural project %all be treat$ z ! taxpay] ) respect to su* project = purposes ( section #ej4 7,e7 ,in=mation report+ ,! transf]or & ! transf]ee %all ea* make su* reports reg>d+ ! transf] ( an am\nt ( cr$it "u p>agraph 7,a7 & conta9+ su* in=mation z ! ,secret>y may require4 ,! reports requir$ by ?is subsection %all be fil$ at su* "t & 9 su* mann] z may be requir$ by ! ,secret>y4 7,f7 ,regulations ,! ,secret>y %all prescribe regulations or o!r guidance to c>ry out ?is p>agraph 9 a mann] :i* is consi/5t ) applicable requirem5ts ) respect to transf] ( cr$its "u section #fdah4 4 7b7 ,recapture = failure to comply ) af=dable h\s+ requirem5ts 7#a7 ,9 g5]al ,section #ej7;a7 ( ! ,int]nal ,rev5ue ,code ( #aihf is am5d$-- 7,a7 by r$esignat+ p>agraphs 7#d7 ?r\gh 7#f7 z p>agraphs 7#e7 ?r\gh 7#g71 respectively1 & 7,b7 by ins]t+ aft] p>agraph 7#c7 ! foll[+ new p>agraph3 7#d7 ,failure to comply ) af=dable h\s+ requirem5ts "u rehabilitation cr$it 7,a7 ,9 g5]al ,9 ! case ( any applicable rural project :i* is an af=dable h\s+ project 7z su* t]ms are def9$ 9 section #dg7;a77#c77 :i* is eligible = ! rehabilitation cr$it "u section #dg7;a71 if su* project violates ! requirem5ts "u section #dg7;a77#c77;,c7 be=e ! close ( ! recapture p]iod 7z describ$ 9 p>agraph 7#a771 !n ! tax "u ?is *apt] = ! taxable ye> 9 :i* su* violation occurs %all be increas$ by #ajj p]c5t ( ! aggregate decrease 9 ! cr$its all[$ "u section #ch = all prior taxable ye>s :i* w\ld h result$ solely f r$uc+ to z]o any cr$it det]m9$ "u section #df :i* is attributable to ! rehabilitation cr$it "u section #dg7;a7 ) respect to su* project4 7,b7 ,exception ,subp>agraph 7,a7 %all n apply if ! taxpay] demon/rates to ! satisfaction ( ! ,secret>y t ! violation ( ! requirem5ts "u section #dg7;a77#c77;,c7 has be5 rectifi$ )9 #de days ( a det]m9ation & notice by ! ,secret>y4 7,c7 ,regulations & guidance ,! ,secret>y %all issue su* regulations or o!r guidance z ! ,secret>y det]m9es necess>y or appropriate to c>ry out ! purposes ( ?is p>agraph1 includ+ regulations or o!r guidance :i* provide = requirem5ts = recordkeep+ or in=mation report+ = purposes ( adm9i/]+ ! requirem5ts ( ?is p>agraph4 4 7#b7 ,con=m+ am5dm5ts 7,a7 ,section #ej7;a77#e7 ( su* ,code1 z r$esignat$ by p>agraph 7#a71 is am5d$-- 7i7 by /rik+ or any applicable transaction to :i* p>agraph 7#c77;,a7 applies & ins]t+ any applicable transaction to :i* p>agraph 7#c77;,a7 applies1 or any violation to :i* p>agraph 7#d77;,a7 applies1 & 7ii7 by /rik+ cessation or applicable transaction & ins]t+ cessation1 applicable transaction1 or violation4 7,b7 ,section #ej7;a77#g77;,c7 ( su* ,code1 z r$esignat$ by p>agraph 7#a71 is am5d$ by /rik+ or 7#c7 & ins]t+ 7#c71 or 7#d74 7,c7 ,section #acga7;d77#a7 ( su* ,code is am5d$ by /rik+ section #ej7;a77#e7 & ins]t+ section #ej7;a77#f74 7c7 ,effective date ,! am5dm5ts made by ?is section %all apply to prop]ty plac$ 9 s]vice aft] ,decemb] #ca1 #bjbd4 #c4 ,elim9ation ( rehabilitation cr$it basis adju/m5t 7a7 ,9 g5]al ,section #ej7;c7 ( ! ,int]nal ,rev5ue ,code ( #aihf is am5d$ by add+ at ! end ! foll[+ new p>agraph3 7#f7 ,exception = rehabilitation cr$it ,9 ! case ( ! rehabilitation cr$it ) respect to any applicable rural project 7z def9$ 9 section #dg7;a77#c771 p>agraph 7#a7 %all n apply4 4 7b7 ,treatm5t 9 case ( cr$it all[$ to lessee ,section #ej7;d7 ( su* ,code is am5d$ by add+ at ! end ! foll[+3 ,9 ! case ( ! rehabilitation cr$it ) respect to any applicable rural project 7z def9$ 9 section #dg7;a77#c771 p>agraph 7#e77;,b7 ( ! section #dh7;d7 ref]r$ to 9 p>agraph 7#e7 ( ?is subsection %all n apply44 7c7 ,effective date ,! am5dm5ts made by ?is section %all apply to prop]ty plac$ 9 s]vice aft] ,decemb] #ca1 #bjbd4