,,ii  #aai? ,,congress  #b;d ,session   
,s4 #edgb  ,,9 ,,! ,,s5ate ,,( ,,!      
,,unit$ ,,/ates  ,septemb] #bc1 #bjbf   
,mr4 ,wel* introduc$ ! foll[+ bill2 :i* 
0 read twice & ref]r$ to ! ,committee on
 ,f9ance  ,a ,,bill  ,to am5d ! ,int]nal
 ,rev5ue ,code ( #aihf to exclude f     
gross income grants & ! proce$s (       
transf]rable tax cr$its support+ !      
developm5t ( af=dable h\s+1 & = o!r     
purposes4  #a4 ,%ort title ,?is ,act may
 be cit$ z ! ,support+ ,small ,af=dable 
,h\s+ ,develop]s ,act4  #b4 ,c]ta9      
am\nts support+ af=dable h\s+ exclud$ f 
gross income  7a7 ,9 g5]al ,"p ,,iii (  
sub*apt] ,b ( *apt] #a ( ! ,int]nal     
,rev5ue ,code ( #aihf is am5d$ by ins]t+
 be=e section #adj ! foll[+ new section3
  #aci,m4 ,c]ta9 am\nts support+        
af=dable h\s+  7a7 ,9 g5]al ,9 ! case ( 
an eligible taxpay]1 gross income %all n
 include-- 7#a7 any af=dable h\s+ grant1
 or  7#b7 any income receiv$ 9 ca% f !  
sale ( any transf]rable af=dable h\s+   
tax cr$it4  7b7 ,eligible taxpay]  7#a7 

,9 g5]al ,= purposes ( ?is section1 !   
t]m eligible taxpay] means any taxpay]--
  7,a7 :i* meets ! gross receipts te/ ( 
section #ddh7;c7 7det]m9$ by sub/itut+  
#cf1jjj1jjj = #be1jjj1jjjj 9 p>agraph   
7#a7 !re(71 &  7,b7 :i* conducts a trade
 or bus9ess to :i* any ( ! foll[+ ,nor? 
,am]ican ,indu/ry ,classification ,codes
 applies3  7i7 #bcgbaj4  7ii7 #bchcjj4  
7iii7 #ecaaaj4  7iv7 #bcfaa4  7#b7      
,inflation adju/m5t ,9 ! case ( any     
taxable ye> beg9n+ aft] ,decemb] #ca1   
#bjbg1 ! #cf1jjj1jjj doll> am\nt 9      
p>agraph 7#a77;,b7 %all 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
 by sub/itut+ cal5d> ye> #bjbf = cal5d> 
ye> #bjaf 9 subp>agraph 7,a77ii7 !re(4  
,if any am\nt z increas$ "u ! prec$+    
s5t5ce is n a multiple ( #a1jjj1jjj1 su*
 am\nt %all be r\nd$ to ! ne>e/ multiple
 ( #a1jjj1jjj4  7c7 ,def9itions ,=      
purposes ( ?is section--  7#a7 ,af=dable

 h\s+ grant ,! t]m af=dable h\s+ grant  
means any grant-- 7,a7 :i* is receiv$ f 
! ,unit$ ,/ates1 f a ,/ate or a         
political subdivisions !re(1 a          
possession ( ! ,unit$ ,/ates1 or any    
organization describ$ 9 section         
#eja7;c77#c7 & exempt f tax "u section  
#eja7;a71 &  7,b7 ! purpose ( :i* is to 
develop or rehabilitate af=dable h\s+4  
7#b7 ,transf]rable af=dable h\s+ tax    
cr$it ,! t]m af=dable h\s+ tax cr$it    
means any cr$it aga9/ ,/ate or local    
taxes :i*--  7,a7 is bas$ on !          
developm5t or rehabilitation ( af=dable 
h\s+1 &  7,b7 is transf]rable to ano!r  
taxpay] 9 return = ca%4  7#c7 ,af=dable 
h\s+ ,! t]m af=dable h\s+ means h\s+ t  
qualifies z af=dable h\s+ "u section    
#bae ( ! ,cran/on-,gonzalez ,national   
,af=dable ,h\s+ ,act4  7d7 ,cross       
ref]5ce ,= treatm5t ( ! transf]ee       
taxpay] ) respect to transf]rable       
af=dable h\s+ tax cr$its1 see section   
#bhj;,i  4  7b7 ,treatm5t ( ,indian     
tribal gov]nm5ts ,section #ghga7;a7 ( ! 

,int]nal ,rev5ue ,code ( #aihf is am5d$ 
by /rik+ & at ! end ( p>agraph 7#f71 by 
/rik+ ! p]iod at ! end ( p>agraph 7#g7 &
 ins]t+ 1 &1 & by add+ at ! end ! foll[+
 new p>agraph3  7#h7 = purposes (       
section #aci,m 7relat+ to grants        
support+ af=dable h\s+74  4  7c7 ,d5ial 
( d$uction by transf]ee ,"p ,,ix (      
sub*apt] ,b ( *apt] #a ( ! ,int]nal     
,rev5ue ,code ( #aihf is am5d$ by add+  
at ! end ! foll[+ new section3  #bhj;,i4
 ,transf]able af=dable h\s+ tax cr$its  
,no d$uction %all be all[$ ) respect to 
any consid]ation paid by ! transf]ee    
taxpay] = ! transf] ( a transf]rable    
af=dable h\s+ tax cr$it 7z def9$ 9      
section #aci,m7c77#b774  4  7d7 ,cl]ical
 am5dm5ts  7#a7 ,! table ( sections = "p
 ,,iii ( sub*apt] ,b ( *apt] #a ( su*   
,code is am5d$ by ins]t+ be=e ! item    
relat+ to section #adj ! foll[+ new     
item3  ,sec4 #aci,m4 ,grants support+   
af=dable h\s+4  4  7#b7 ,! table (      
sections = "p ,,ix ( sub*apt] ,b ( *apt]
 #a ( su* ,code is am5d$ by ins]t+ at ! 

end ! foll[+ new item3  ,sec4 #bhj;,i4  
,transf]able af=dable h\s+ tax cr$its4  
4  7e7 ,effective date ,! am5dm5ts made 
by ?is section %all apply to taxable    
ye>s beg9n+ aft] ! date ( ! enactm5t (  
?is ,act4  #c4 ,dis*>ge ( indebt$ness   
relat+ to af=dable h\s+  7a7 ,9 g5]al   
,section #ajh7;a77#a7 ( ! ,int]nal      
,rev5ue ,code ( #aihf is am5d$ by /rik+ 
or at ! end ( subp>agraph 7,d71 by /rik+
 ! p]iod at ! end ( subp>agraph 7,e7 &  
ins]t+ 1 or1 & by add+ at ! end ! foll[+
 new subp>agraph3  7,f7 9 ! case ( an   
eligible taxpay]1 ! indebt$ness dis*>g$ 
is qualifi$ af=dable h\s+ indebt$ness4  
4  7b7 ,r$uction ( tax attributes       
,section #ajh7;b77#a7 ( su* ,code is    
am5d$ by /rik+ or 7,c7 & ins]t+ 7,c71 or
 7,f74  7c7 ,def9itions ,section #ajh ( 
su* ,code is am5d$ by add+ at ! end !   
foll[+ new subsection3  7j7 ,rules      
relat$ to qualifi$ af=dable h\s+        
indebt$ness ,= purposes ( ?is section-- 
7#a7 ,qualifi$ af=dable h\s+ loan ,! t]m
 qualifi$ af=dable h\s+ loan means      

indebt$ness incurr$ pursuant to a loan--
 7,a7 :i* is made by ! ,unit$ ,/ates1 a 
,/ate or any political subdivision !re(1
 a possession ( ! ,unit$ ,/ates1 or any 
organization describ$ 9 section         
#eja7;c77#c7 & exempt f tax "u section  
#eja7;a71 &  7,b7 ! purpose ( :i* is to 
f9ance ! developm5t or rehabilitation ( 
af=dable h\s+ 7z def9$ 9 section        
#aci,m7c774  7#b7 ,eligible taxpay] ,!  
t]m eligible taxpay] has ! mean+ giv5 to
 su* t]m "u section #aci,m4  4  7d7     
,treatm5t ( ,indian tribal gov]nm5ts    
,section #ghga7;a77#h7 ( ! ,int]nal     
,rev5ue ,code ( #aihf1 z add$ by section
 #b1 is am5d$ by ins]t+ & section       
#ajh7;j7 7relat+ to af=dable h\s+ loans7
 & be=e section #aci,m4  7e7 ,effective 
date ,! am5dm5ts made by ?is section    
%all apply to taxable ye>s beg9n+ aft] !
 date ( ! enactm5t ( ?is ,act4