,i #aai? ,,congress #a/ ,session ,h4 ,r4 #bida ,,9 ,,! ,,h\se ,,( ,,repres5tatives ,april #ag1 #bjbe,mr4 ,la,hood 7= himself & ,mr4 ,suozzi7 introduc$ ! foll[+ bill2 :i* 0 ref]r$ to ! ,committee on ,ways & ,means ,a ,,bill ,to am5d ! ,int]nal ,rev5ue ,code ( #aihf to improve ! hi/oric rehabilitation tax cr$it1 & = o!r purposes4 #a4 ,%ort title ,?is ,act may be cit$ z ! ,hi/oric ,tax ,cr$it ,gr[? & ,opportunity ,act ( #bjbe4 #b4 ,full cr$it all[$ 9 ! ye> build+ plac$ 9 s]vice 7a7 ,9 g5]al ,section #dg7;a7 ( ! ,int]nal ,rev5ue ,code ( #aihf is am5d$ to read z foll[s3 7a7 ,g5]al rule ,= purposes ( section #df1 ! rehabilitation cr$it = any taxable ye> is #bj p]c5t ( ! qualifi$ rehabilitation exp5ditures4 4 7b7 ,effective date ,! am5dm5t made by ?is section %all apply to prop]ty plac$ 9 s]vice aft] ,decemb] #ca1 #bjbc4 #c4 ,increase 9 ! rehabilitation cr$it = c]ta9 small projects 7a7 ,9 g5]al ,section #dg ( ! ,int]nal ,rev5ue ,code ( #aihf is am5d$ by add+ at ! end ! foll[+ new subsection3 7e7 ,special rule reg>d+ c]ta9 small projects 7#a7 ,9 g5]al ,9 ! case ( any qualify+ small project ) respect to :i* !re is an election 9 effect "u ?is subsection-- 7,a7 ! total qualifi$ rehabilitation exp5ditures tak5 into acc\nt = purposes ( ?is section ) respect to ! rehabilitation %all n exce$ #c1gej1jjj1 7,b7 subsection 7a7 %all be appli$ by sub/itut+ #cj p]c5t = #bj p]c5t1 & 7,c7 subject to p>agraph 7#d7 & su* regulations or o!r guidance z ! ,secret>y may provide1 ! taxpay] may transf] all or a portion ( ! cr$it det]m9$ "u ?is section ) respect to su* qualify+ small project4 7#b7 ,qualify+ small project ,= purposes ( ?is subsection1 ! t]m qualify+ small project means any qualifi$ rehabilitat$ build+ or portion !re( if-- 7,a7 su* build+ is plac$ 9 s]vice aft] ! date ( ! enactm5t ( ?is subsection1 & 7,b7 no cr$it 0 all[$ "u ?is section 7o!r ?an a cr$its all[$ by reason ( subsection 7d77 = ei!r ( ! two imm$iately prec$+ taxable ye>s ) respect to su* build+4 7#c7 ,special rule = rural projects 7,a7 ,9 g5]al ,9 ! case ( any qualify+ small project 9 a rural area1 p>agraph 7#a77;,a7 %all be appli$ by sub/itut+ #e1jjj1jjj = #c1gej1jjj4 7,b7 ,rural area ,= purposes ( ?is subp>agraph1 ! t]m rural area means any area o!r ?an-- 7i7 a city or t[n t has a population ( great] ?an #ej1jjj inhabitants1 or 7ii7 ! urbaniz$ area contigu\s & adjac5t to a city or t[n describ$ 9 clause 7i71 z def9$ by ! ,bureau ( ! ,c5sus bas$ on ! late/ dec5nial c5sus ( ! ,unit$ ,/ates4 7#d7 ,transf] ( cr$it = qualify+ small projects 7,a7 ,c]tification 7i7 ,9 g5]al ,a transf] "u p>agraph 7#a77;,c7 %all be accompani$ 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 subsection to a taxpay] %all be transf]able to any o!r taxpay]4 7,b7 ,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 p>agraph 7#a77;,c7-- 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,c7 ,recapture & o!r special rules ,! taxpay] :o claims a cr$it det]m9$ "u ?is section by reason ( a transf] ( an am\nt ( cr$it "u p>agraph 7#a77;,a7 ) respect to an applicable rural project %all be treat$ z ! taxpay] ) respect to su* project = purposes ( section #ej4 7,d7 ,in=mation report+ ,! transf]or & ! transf]ee %all ea* make su* reports reg>d+ ! transf] ( an am\nt ( cr$it "u p>agraph 7#a77;,c7 & conta9+ su* in=mation z ! ,secret>y may require4 ,! reports requir$ by ?is subp>agraph %all be fil$ at su* "t & 9 su* mann] z may be requir$ by ! ,secret>y4 7,e7 ,regulations ,! ,secret>y %all prescribe regulations or o!r guidance to c>ry out p>agraph 7#a77;,c7 & ?is p>agraph 9 a mann] :i* is consi/5t ) applicable requirem5ts ) respect to transf] ( cr$its "u section #fdah4 7#e7 ,election ,an election "u ?is subsection %all be made at su* "t & 9 su* mann] z ! ,secret>y may by regulations prescribe4 4 7b7 ,effective date ,! am5dm5t made by ?is section %all apply to prop]ty plac$ 9 s]vice aft] ! date ( ! enactm5t ( ?is ,act4 #d4 ,increas+ ! type ( build+s eligible = rehabilitation 7a7 ,9 g5]al ,section #dg7;c77#a77;,b77i77,i7 ( ! ,int]nal ,rev5ue ,code ( #aihf is am5d$ by ins]t+ #ej p]c5t ( be=e ! adju/$ basis4 7b7 ,effective date ,! am5dm5t made by subsection 7a7 %all apply to prop]ty plac$ 9 s]vice aft] ! date ( ! enactm5t ( ?is ,act4 #e4 ,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$it ,9 ! case ( ! rehabilitation cr$it1 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$it1 p>agraph 7#e77;,b7 ( ! section #dh7;d7 ref]r$ 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] ! date ( ! enactm5t ( ?is ,act4 #f4 ,modifications reg>d+ c]ta9 tax-exempt use prop]ty 7a7 ,9 g5]al ,section #dg7;c77#b77;,b77v7 ( ! ,int]nal ,rev5ue ,code ( #aihf is am5d$ by add+ at ! end ! foll[+ new subclause3 7,,iii7 ,disqualifi$ lease rules to apply only 9 case ( gov]nm5t entity ,= purposes ( subclause 7,i71 except 9 ! case ( a tax-exempt entity describ$ 9 section #afh7;h77#b77;,a77i71 ! det]m9ation ( :e!r prop]ty is tax-exempt use prop]ty %all be made "u section #afh7;h7 )\t reg>d to :e!r ! prop]ty is leas$ 9 a disqualifi$ lease 7z def9$ 9 section #afh7;h77#a77;,b77ii774 4 7b7 ,effective date ,! am5dm5ts made by ?is section %all apply to prop]ty plac$ 9 s]vice aft] ! date ( ! enactm5t ( ?is ,act4