,i  #aai? ,,congress  #b;d ,session  ,h4
 ,r4 #ajhef  ,,9 ,,! ,,h\se ,,(         
,,repres5tatives  ,octob] #bb1 #bjbf,mr4
 ,arr+ton 7= himself1 ,ms4 ,van ,duyne1 
& ,mr4 ,/eube7 introduc$ ! foll[+ bill2 
:i* 0 ref]r$ to ! ,committee on ,ways & 
,means  ,a ,,bill  ,to am5d ! ,int]nal  
,rev5ue ,code ( #aihf to prev5t c]ta9   
ali5 individuals f occupy+ l[-income    
units ( qualifi$ l[-income h\s+         
projects4  #a4 ,%ort title  ,?is ,act   
may be cit$ z ! ,,lihtc ,security ,act4 
#b4 ,c]ta9 ali5 individuals prev5t$ f   
occupy+ l[-income units ( qualifi$      
l[-income h\s+ projects  7a7 ,9 g5]al   
,section #db7;c7 ( ! ,int]nal ,rev5ue   
,code ( #aihf is am5d$ by add+ at ! end 
! foll[+ new p>agraph3  7#c7 ,occupancy 
requirem5t ) respect to c]ta9 ali5      
individuals  7,a7 ,9 g5]al ,no cr$it    
%all be det]m9$ "u subsection 7a7 )     
respect to any qualifi$ l[-income build+
 = any taxable ye> unless1 dur+ ! cal5d>
 ye> prec$+ ! cal5d> ye> 9 :i*1 or )    
:i*1 su* taxable ye> beg9s1 all relevant

 l[-income units ( su* build+ meet !    
occupancy requirem5t describ$ 9         
subp>agraph 7,b7 det]m9$1 ) respect to  
ea* su* unit1 z ( ! beg9n+ any lease t]m
 ( su* unit t beg9s 9 or ) su* cal5d>   
ye>4  7,b7 ,occupancy requirem5t ,a unit
 meets ! occupancy requirem5t ( ?is     
subp>agraph if no occupant ( su* unit is
 an ali5 individual :o is n describ$ 9  
"o ( ! p>agraphs ( section #bad7;a7 ( ! 
,h\s+ & ,community ,developm5t ,act (   
#aihj4  7,c7 ,relevant l[-income unit ,=
 purposes ( ?is p>agraph1 ! t]m relevant
 l[-income unit means1 ) respect to any 
qualifi$ l[-income build+1 ea* l[-income
 unit ( su* build+ tak5 into acc\nt 9   
det]m9+ ! applicable fraction ) respect 
to su* build+ "u p>agraph 7#a74  7,d7   
,/ate election to r$uce h\s+ cr$it doll>
 am\nt 9 lieu ( occupancy requirem5t    
,subp>agraph 7,a7 %all n apply to any   
qualifi$ l[-income build+ = any taxable 
ye> if ! ,/ate 9 :i* su* build+ is      
locat$ does n h an election 9 effect "u 
section #db7;h77#c77;,j77ii7 = ! cal5d> 

ye> 9 :i*1 or ) :i*1 su* taxable ye>    
beg9s4  7,e7 ,transition rule  7i7 ,9   
g5]al ,9 ! case ( any                   
transition-eligible build+ = any taxable
 ye> beg9n+ be=e ,janu>y #a1 #bjca1     
subp>agraph 7,a7 %all be appli$ by      
sub/itut+ #ge p]c5t ( su* units = all ( 
su* units4  7ii7 ,transition-eligible   
build+ ,= purposes ( ?is subp>agraph1 ! 
t]m transition-eligible build+ means any
 qualifi$ l[-income build+ if-- 7,i7 !  
h\s+ cr$it doll> am\nt allocat$ to su*  
build+ r$uc$ ! h\s+ cr$it doll> am\nt ( 
! allocat+ ag5cy = a cal5d> ye> be=e    
#bjbg1 or  7,,ii7 section #db7;h77#a7   
does n apply to any portion ( ! eligible
 basis ( su* build+ by reason ( hav+ be5
 f9anc$ ) ! proce$s ( an obligation     
issu$ be=e ,janu>y #a1 #bjbg4  4  7b7   
,/ate election ,to r$uce h\s+ cr$it     
doll> am\nt 9 lieu ( occupancy          
requirem5t ,section #db7;h77#c7 ( su*   
,code is am5d$ by add+ at ! end ! foll[+
 new subp>agraph3  7,j7  ,r$uction (    
h\s+ cr$it doll> am\nt  7i7  ,9 g5]al   

,9 ! case ( any cal5d> ye> ) respect to 
:i* an election "u clause 7ii7 is n 9   
effect ) respect to any ,/ate1 ea* ( !  
doll> am\nts 9 effect "u clauses 7,i7 & 
7,,ii7 ( subp>agraph 7,c77ii7 = su*     
cal5d> ye> ) respect to su* ,/ate 7aft] 
any increase "u subp>agraphs 7,h7 &     
7,i77 %all be r$uc$ by multiply+ su*    
doll> am\nt by #j4ie4  7ii7  ,election  
,clause 7i7 %all n apply ) respect to   
any ,/ate = any cal5d> ye> if su* ,/ate 
elects ! application ( ?is clause = su* 
cal5d> ye>4 ,su* election %all be made  
at su* "t & 9 su* mann] z ! ,secret>y   
may provide1 except t su* election %all 
apply = ! cal5d> ye> = :i* made & ea*   
subsequ5t cal5d> ye> unless revok$ ) !  
cons5t ( ! ,secret>y4  7iii7  ,c]ta9    
occupancy requirem5ts made applicable   
bas$ on ,/ate election  ,= application (
 c]ta9 requirem5ts to qualifi$ l[-income
 build+s locat$ 9 ,/ates ) an election 9
 effect "u clause 7ii71 see subsection  
7c77#c74  4  7c7 ,effective date  7#a7  
,occupancy requirem5t ,! am5dm5t made by

 subsection 7a7 %all apply to taxable   
ye>s beg9n+ aft] ,decemb] #ca1 #bjbg4   
7#b7 ,/ate election to r$uce h\s+ cr$it 
doll> am\nt 9 lieu ( occupancy          
requirem5t ,! am5dm5t made by subsection
 7b7 %all apply to cal5d> ye>s beg9n+   
aft] ,decemb] #ca1 #bjbg4