,i #aai? ,,congress #b;d ,session ,h4 ,r4 #ajgji ,,9 ,,! ,,h\se ,,( ,,repres5tatives ,octob] #a1 #bjbf,ms4 ,/rickl& 7= h]self & ,mr4 ,joyce ( ,ohio7 introduc$ ! foll[+ bill2 :i* 0 ref]r$ to ! ,committee on ,ways & ,means ,a ,,bill ,to am5d ! ,int]nal ,rev5ue ,code ( #aihf to e/abli% a tax cr$it = multig5]ational home r5ovation exp5ditures4 #a4 ,%ort title ,?is ,act may be cit$ z ! ,multig5]ational ,h\s+ ,opportunities to ,modify ,exi/+ ,/ructures ,act or ! ,multig5]ational ,,homes ,act4 #b4 ,nonrefundable p]sonal cr$it = multig5]ational home r5ovation exp5ditures 7a7 ,9 g5]al ,subp>t ,a ( "p ,,iv ( sub*apt] ,a ( *apt] #a ( ! ,int]nal ,rev5ue ,code ( #aihf is am5d$ by ins]t+ aft] section #be;,f ! foll[+ new section3 #be;,g4 ,multig5]ational home r5ovation exp5ditures 7a7 ,all[ance ( cr$it 7#a7 ,9 g5]al ,9 ! case ( an individual1 !re %all be all[$ z a cr$it aga9/ ! tax impos$ by ?is *apt] = ! taxable ye> an am\nt equal to #ae p]c5t ( ! qualifi$ multig5]ational home r5ovation exp5ditures made by ! taxpay] dur+ su* taxable ye>4 7#b7 ,lifetime limitation p] qualifi$ dwell+ unit ( taxpay] ,subject to subsection 7b71 ! cr$it all[$ "u p>agraph 7#a7 ) respect to any qualifi$ dwell+ unit ( ! taxpay] = any taxable ye> %all n exce$ ! excess 7if any7 ( #g1ejj ov] ! aggregate cr$its all[$ to su* taxpay] 7or1 9 ! case ( a m>ri$ individual1 su* individual's sp\se7 "u su* p>agraph ) respect to su* qualifi$ dwell+ unit = all prior taxable ye>s4 7b7 ,income phase\t 7#a7 ,9 g5]al ,! am\nt ( ! cr$it all[$ by subsection 7a7 7det]m9$ )\t reg>d to ?is subsection7 %all be r$uc$ 7b n bel[ z]o7 by ! am\nt :i* be>s ! same ratio to su* cr$it 7z s det]m9$7 z--- 7,a7 ! excess (-- 7i7 ! taxpay]'s modifi$ adju/$ gross income = su* taxable ye>1 ov] 7ii7 #bjj1jjj 7twice su* am\nt 9 ! case ( a jo9t return71 be>s to 7,b7 #ge1jjj4 7#b7 ,modifi$ adju/$ gross income ,= purposes ( ?is subsection1 ! t]m modifi$ adju/$ gross income means adju/$ gross income increas$ by any am\nt exclud$ f gross income "u section #iaa1 #ica1 or #icc4 7c7 ,refundable cr$it = c]ta9 l[]-,income taxpay]s ,9 ! case ( any taxpay] ^: adju/$ gross income does n exce$ ! area m$ian gross income 7det]m9$ "u rules simil> to ! rules ( section #adb7;d77#b77;,b771 ! cr$it all[$ "u ?is section 7det]m9$ )\t reg>d to ?is subsection7 %all be treat$ z a cr$it all[$ "u subp>t ,c 7& n z a cr$it all[$ "u ?is section74 7d7 ,def9itions ,= purposes ( ?is section-- 7#a7 ,qualifi$ multig5]ational h\s+ exp5diture ,! t]m qualifi$ multig5]ational h\s+ exp5diture means1 ) respect to any taxpay]1 any exp5diture =-- 7,a7 tangible p]sonal prop]ty :i* is directly relat$ to-- 7i7 improv+ ! safety1 mobility1 or accessibility ( a qualifi$ dwell+ unit ( ! taxpay] = purposes ( support+ any qualifi$ relative ( su* taxpay]1 or 7ii7 provid+ liv+ qu>t]s = any individual if ! taxpay] is a qualifi$ relative ) respect to su* individual & su* individual provides c>e = su* taxpay]1 7,b7 labor prop]ly allocable to ! onsite prep>ation1 assembly1 or orig9al in/allation ( su* prop]ty1 & 7,c7 inspections ( su* dwell+ unit requir$ "u ,/ate or local law by reason ( ! in/allation ( su* prop]ty4 7#b7 ,qualifi$ dwell+ unit ,! t]m qualifi$ dwell+ unit means a dwell+ unit :i*-- 7,a7 is locat$ 9 ! ,unit$ ,/ates or 9 a t]ritory ( ! ,unit$ ,/ates1 & 7,b7 is ei!r-- 7i7 us$ z a pr9cipal resid5ce by ! taxpay]1 or 7ii7 a second>y unit locat$ on ! same prop]ty z su* pr9cipal resid5ce4 7#c7 ,qualifi$ relative 7,a7 ,9 g5]al ,! t]m qualifi$ relative means1 ) respect to any taxpay] = any taxable ye>1 an individual-- 7i7 :o be>s a relation%ip describ$ 9 subp>agraph 7,b7 to su* taxpay] or to su* taxpay]'s sp\se1 7ii7 :o has atta9$ age #fe z ( ! la/ day ( su* taxable ye> or is disabl$ 7)9 ! mean+ ( section #gb7m77#g771 7iii7 ^: pr9cipal place ( abode = m ?an "o-half ( su* taxable ye> is a qualifi$ dwell+ unit ( su* taxpay]1 & 7iv7 ^: ,,t9 is includ$ on ! taxpay]'s return ( tax = su* taxable ye>4 7,b7 ,relation%ip ,= purposes ( subp>agraph 7,a71 a relation%ip describ$ 9 ?is subp>agraph is a relation%ip describ$ 9 subp>agraph 7,b71 7,c71 7,d71 7,f71 or 7,g7 ( section #aeb7;d77#b71 except t only a fa!r-9-law1 "m-9-law1 bro!r-9-law1 or si/]-9-law %all be tak5 into acc\nt = purposes ( subp>agraph 7,g7 !re(4 7#d7 ,pr9cipal resid5ce ,! t]m pr9cipal resid5ce has ! same mean+ z :5 us$ 9 section #aba4 7#e7 ,safe h>bor = delay$ occupancy ,an exp5diture %all n be treat$ z fail+ to satisfy ! requirem5ts ( p>agraph 7#a77;,a7 solely because ! dwell+ unit is n occupi$ by any p]son if su* p]son occupies ! dwell+ unit n lat] ?an ! date t is #a ye> aft] ! completion ( ! improvem5ts ref]r$ to 9 su* p>agraph4 7e7 ,inflation adju/m5ts 7#a7 ,9 g5]al ,9 ! case ( any taxable ye> beg9n+ aft] ,decemb] #ca1 #bjbg1 ! #g1ejj am\nt 9 subsection 7a77#b71 ! #bjj1jjj am\nt 9 subsection 7b77#a77;,a77ii71 & ! #ge1jjj am\nt 9 subsection 7b77#a77;,b7 %all ea* 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+ cal5d> ye> #bjbf = cal5d> ye> #bjaf 9 subp>agraph 7,a77ii7 !re(4 7#b7 ,r\nd+ ,if any increase det]m9$ "u p>agraph 7#a7 is n a multiple ( #ej1 su* am\nt %all be r\nd$ to ! ne>e/ multiple ( #ej4 7f7 ,c>ry=w>d ( unus$ cr$it 7#a7 ,9 g5]al ,if ! cr$it all[able "u subsection 7a77#a7 = any taxable ye> exce$s ! applicable tax limit = su* taxable ye>1 su* excess %all be a c>ryov] to ea* ( ! #e succe$+ taxable ye>s &1 subject to ! limitations ( p>agraph 7#b71 %all be add$ to ! cr$it all[able by subsection 7a77#a7 = su* succe$+ taxable ye>4 7#b7 ,limitation ,! am\nt ( ! unus$ cr$it :i* may be tak5 into acc\nt "u p>agraph 7#a7 = any taxable ye> %all n exce$ ! am\nt 7if any7 by :i* ! applicable tax limit = su* taxable ye> exce$s ! sum (-- 7,a7 ! cr$it all[able "u subsection 7a77#a7 = su* taxable ye> det]m9$ )\t reg>d to ?is subsection1 & 7,b7 ! am\nts :i*1 by reason ( ?is subsection1 are c>ri$ to su* taxable ye> & are attributable to taxable ye>s be=e ! unus$ cr$it ye>4 7#c7 ,applicable tax limit ,= purposes ( ?is subsection1 ! t]m applicable tax limit means ! limitation impos$ by section #bf7;a7 = ! taxable ye> r$uc$ by ! sum ( ! cr$its all[able "u ?is subp>t 7o!r ?an ?is section & section #be;,d74 7g7 ,sub/antiation requirem5t ,no cr$it %all be all[$ "u ?is section ) respect to any multig5]ational home r5ovation exp5diture unless ! taxpay] provides ! ,secret>y ) su* docum5tation z ! ,secret>y may require to sub/antiate su* exp5diture4 4 7b7 ,con=m+ am5dm5ts 7#a7 ,section #bc7;c77#a7 ( su* ,code is am5d$ by /rik+ section #be;,d & ins]t+ sections #be;,d & #be;,g4 7#b7 ,section #be7;e77#a77;,c7 ( su* ,code is am5d$ by /rik+ & #be;,f & ins]t+ #be;,f1 & #be;,g4 7#c7 ,section #be;,f7f77#a7 ( su* ,code is am5d$ by /rik+ ?is section1 section #bc1 & section #be;,d & ins]t+ ?is section & sections #bc1 #be;,d1 & #be;,g4 7#d7 ,section #fbaa7;b77#d77;,a7 ( su* ,code is am5d$ by ins]t+ #be;,g by reason ( subsection 7c7 !re(1 be=e #cb14 7#e7 ,section #acbd7;b77#b7 ( title #ca1 ,unit$ ,/ates ,code1 is am5d$ by ins]t+ #be;,g1 aft] #be;,a14 7#f7 ,! table ( sections = subp>t ,a ( "p ,,iv ( sub*apt] ,a ( *apt] #a ( ! ,int]nal ,rev5ue ,code ( #aihf is am5d$ by ins]t+ aft] ! item relat+ to section #be;,f ! foll[+ new item3 ,sec4 #be;,g4 ,multig5]ational home r5ovation exp5ditures4 4 7c7 ,effective date ,! am5dm5ts made by ?is section %all apply to taxable ye>s beg9n+ aft] ,decemb] #ca1 #bjbf4