,,ii #aai? ,,congress #b;d ,session ,s4 #efbe ,,9 ,,! ,,s5ate ,,( ,,! ,,unit$ ,,/ates ,septemb] #cj1 #bjbf,mr4 ,:iteh\se 7= himself & ,mr4 ,re$7 introduc$ ! foll[+ bill2 :i* 0 read twice & ref]r$ to ! ,committee on ,f9ance ,a ,,bill ,to am5d ! ,int]nal ,rev5ue ,code ( #aihf to enhance ! l[-income h\s+ tax cr$it1 & = o!r purposes4 #a4 ,%ort title ,?is ,act may be cit$ z ! ,af=dable ,h\s+ ,con/ruction ,act4 #b4 ,increase 9 ,/ate h\s+ cr$it ceil+ 7a7 ,9 g5]al ,section #db7;h77#c77;,c77ii7 ( ! ,int]nal ,rev5ue ,code ( #aihf is am5d$-- 7#a7 by /rik+ #a4ge 9 subclause 7,i7 & ins]t+ #i4gi1 & 7#b7 by /rik+ #b1jjj1jjj 9 subclause 7,,ii7 & ins]t+ #aa1cdj1jjj4 7b7 ,inflation adju/m5ts ,section #db7;h77#c77;,h7 is am5d$-- 7#a7 by /rik+ ,9 ! case ( a cal5d> ye> aft] #bjjb1 ! #b1jjj1jjj & #a4ge am\nts 9 subp>agraph 7,c7 9 clause 7i7 & ins]t+ ,9 ! case ( a cal5d> ye> aft] #bjbg1 ! #aa1cdj1jjj & #i4gi am\nts 9 subp>agraph 7,c71 7#b7 by /rik+ cal5d> ye> #bjja 9 clause 7i77,,ii7 & ins]t+ cal5d> ye> #bjbf1 7#c7 by /rik+ #b1jjj1jjj 9 clause 7ii77,i7 & ins]t+ #aa1cdj1jjj1 & 7#d7 by /rik+ #a4ge 9 clause 7ii77,,ii7 & ins]t+ #i4gi4 7c7 ,effective date ,! am5dm5ts made by ?is section %all apply to cal5d> ye>s beg9n+ aft] ,decemb] #ca1 #bjbf4 #c4 ,increas$ cr$it am\nts & cr$it allocation set-asides = c]ta9 build+s 7a7 ,increas$ cr$it am\nts 7#a7 ,9 g5]al ,section #db7;d77#e7 ( ! ,int]nal ,rev5ue ,code ( #aihf is am5d$ by add+ at ! end ! foll[+ new subp>agraphs3 7,c7 ,increase 9 cr$it = prevail+ wage build+s 7i7 ,9 g5]al ,9 ! case ( any build+ :i* pays applicable labor]s at rates n less ?an ! prevail+ rates = con/ruction1 alt]ation1 or repair ( a simil> "* 9 ! locality 9 :i* su* facility is locat$ z mo/ rec5tly det]m9$ by ! ,secret>y ( ,labor1 9 accordance ) sub*apt] ,,iv ( *apt] #ca ( title #dj1 ,unit$ ,/ates ,code1 & :i* is designat$ by ! h\s+ cr$it ag5cy z requir+ ! increase 9 cr$it "u ?is subp>agraph 9 ord] = su* paym5ts to be f9ancially feasible z "p ( a qualifi$ l[-income h\s+ project-- 7,i7 9 ! case ( a new build+1 ! eligible basis ( su* build+ %all be increas$ by #ej p]c5t ( su* basis det]m9$ )\t reg>d to ?is subp>agraph & subp>agraphs 7,b71 7,d71 7,e71 7,f71 & 7,g71 & 7,,ii7 9 ! case ( an exi/+ build+1 ! rehabilitation exp5ditures tak5 into acc\nt "u subsection 7e7 %all be increas$ by #ej p]c5t ( su* exp5ditures det]m9$ )\t reg>d to ?is subp>agraph & subp>agraphs 7,b71 7,d71 7,e71 7,f71 & 7,g74 7ii7 ,applicable labor]s ,= purposes ( ?is clause1 ! t]m applicable labor]s means1 ) respect to any build+1 any labor]s employ$ by ! taxpay]1 or any contractor or subcontractor1 9 ! con/ruction1 alt]ation1 or repair ( ! build+4 7,d7 ,increase 9 cr$it = build+s p[]$ by r5ewable en]gy 7i7 ,9 g5]al ,9 ! case ( any build+ :i* utilizes r5ewable en]gy 7z def9$ 9 section #bjc7;b77#b7 ( ! ,en]gy ,policy ,act ( #bjje71 & :i* is designat$ by ! h\s+ cr$it ag5cy z requir+ ! increase 9 cr$it "u ?is subp>agraph 9 ord] = su* r5ewable en]gy use to be f9ancially feasible z "p ( a qualifi$ l[-income h\s+ project-- 7,i7 9 ! case ( a new build+1 ! eligible basis ( su* build+ %all be increas$ by ! applicable p]c5tage ( su* basis det]m9$ )\t reg>d to ?is subp>agraph & subp>agraphs 7,b71 7,c71 7,e71 7,f71 & 7,g71 & 7,,ii7 9 ! case ( an exi/+ build+1 ! rehabilitation exp5ditures tak5 into acc\nt "u subsection 7e7 %all be increas$ by ! applicable p]c5tage ( su* exp5ditures det]m9$ )\t reg>d to ?is subp>agraph & subp>agraphs 7,b71 7,c71 7,e71 7,f71 & 7,g74 7ii7 ,applicable p]c5tage ,= purposes ( ?is subp>agraph1 ! applicable p]c5tage is #ej p]c5t ( ! p]c5tage ( ! en]gy utiliz$ by su* build+ :i* is f r5ewable en]gy 7z s def9$74 7,e7 ,increase 9 cr$it = build+s ne> public transportation 7i7 ,9 g5]al ,9 ! case ( any build+ :i* is locat$ 9 a public transportation zone & :i* is designat$ by ! h\s+ cr$it ag5cy z requir+ ! increase 9 cr$it "u ?is subp>agraph 9 ord] = su* build+ to be f9ancially feasible z "p ( a qualifi$ l[-income h\s+ project-- 7,i7 9 ! case ( a new build+1 ! eligible basis ( su* build+ %all be increas$ by #be p]c5t ( su* basis det]m9$ )\t reg>d to ?is subp>agraph & subp>agraphs 7,b71 7,c71 7,d71 7,f71 & 7,g71 & 7,,ii7 9 ! case ( an exi/+ build+1 ! rehabilitation exp5ditures tak5 into acc\nt "u subsection 7e7 %all be increas$ by #be p]c5t ( su* exp5ditures det]m9$ )\t reg>d to ?is subp>agraph & subp>agraphs 7,b71 7,c71 7,d71 7,f71 & 7,g74 7ii7 ,public transportation zone ,= purposes ( ?is subp>agraph1 a build+ is locat$ 9 a public transportation zone if-- 7,i7 ! build+ is )9 "o-half mile ( an exi/+ commut] rail1 light rail1 or subway /ation1 7,,ii7 ! build+ is )9 "o-qu>t] mile ( "o or m exi/+ public bus /ops1 or 7,,iii7 ! build+ is locat$ 9 a c5sus tract-- 7aa7 designat$ by ! ,adm9i/rator ( ! ,environm5tal ,protection ,ag5cy z hav+ above av]age walkability1 or 7bb7 :i* is adjac5t to #b or m su* c5sus tracts describ$ 9 item 7aa74 7,f7 ,increase 9 cr$it = build+s s]v+ h\seholds ) p ) disabilities 7i7 ,9 g5]al ,9 ! case ( any build+ :i* has l[-income units t meet ! applicable design /&>ds = occupancy by p]sons ) m5tal1 physical1 s5sory1 or developm5tal disabilities1 & :i* is designat$ by ! h\s+ cr$it ag5cy z requir+ ! increase 9 cr$it "u ?is subp>agraph 9 ord] = su* build+ to be f9ancially feasible z "p ( a qualifi$ l[-income h\s+ project-- 7,i7 9 ! case ( a new build+1 ! eligible basis ( su* build+ %all be increas$ by ! applicable p]c5tage ( su* basis det]m9$ )\t reg>d to ?is subp>agraph & subp>agraphs 7,b71 7,c71 7,d71 7,e71 & 7,g71 & 7,,ii7 9 ! case ( an exi/+ build+1 ! rehabilitation exp5ditures tak5 into acc\nt "u subsection 7e7 %all be increas$ by ! applicable p]c5tage ( su* exp5ditures det]m9$ )\t reg>d to ?is subp>agraph & subp>agraphs 7,b71 7,c71 7,d71 7,e71 & 7,g74 7ii7 ,design /&>ds ,= purposes ( clause 7i71 ! t]m applicable design /&>ds means ! pr9ciples & /&>ds ( adaptable design z detail$ 9 ! ,uni=m ,f$]al ,accessibility ,/&>ds1 or any successor /&>d designat$ by ! ,secret>y4 7iii7 ,applicable p]c5tage ,= purposes ( ?is subp>agraph1 ! t]m applicable p]c5tage means ! numb] ( p]c5tage po9ts 7n to exce$ #ej p]c5tage po9ts7 by :i*-- 7,i7 ! ratio 7express$ z a p]c5tage & r\nd$ to ! ne>e/ p]c5t7 ( ! numb] ( l[-income units 9 ! build+ t meet ! applicable design /&>ds = occupancy by p]sons ) m5tal1 physical1 s5sory1 or developm5tal disabilities be>s to ! total numb] ( units 9 ! build+1 exce$s 7,,ii7 #e p]c5tage po9ts4 7,g7 ,increase 9 cr$it = build+s s]v+ extremely l[-income families 7i7 ,9 g5]al ,9 ! case ( any build+ 9 :i* #bj p]c5t ( ! units are occupi$ by extremely l[-income families & :i* is designat$ by ! h\s+ cr$it ag5cy z requir+ ! increase 9 cr$it "u ?is subp>agraph 9 ord] = su* build+ to be f9ancially feasible z "p ( a qualifi$ l[-income h\s+ project-- 7,i7 9 ! case ( a new build+1 ! eligible basis ( su* build+ %all be increas$ by #ej p]c5t ( su* basis det]m9$ )\t reg>d to ?is subp>agraph & subp>agraphs 7,b71 7,c71 7,d71 7,e71 & 7,f71 & 7,,ii7 9 ! case ( an exi/+ build+1 ! rehabilitation exp5ditures tak5 into acc\nt "u subsection 7e7 %all be increas$ by #ej p]c5t ( su* exp5ditures det]m9$ )\t reg>d to ?is subp>agraph & subp>agraphs 7,b71 7,c71 7,d71 7,e71 & 7,f74 7ii7 ,extremely l[-income families ,= purposes ( ?is subp>agraph1 ! t]m extremely l[-income families means families ^: annual incomes d n exce$ #cj p]c5t ( ! area m$ian gross income1 z det]m9$ 9 consultation ) ! ,secret>y ( ,heal? & ,human ,s]vices4 7,h7 ,limitation ,not)/&+ subp>agraphs 7,b71 7,c71 7,d71 7,e71 7,f71 & 7,g7-- 7i7 ! eligible basis ( any build+ %all n exce$ an am\nt equal to #bej p]c5t ( su* basis det]m9$ )\t reg>d to subp>agraphs 7,b71 7,c71 7,d71 7,e71 7,f71 & 7,g71 & 7ii7 ! rehabilitation exp5ditures tak5 into acc\nt "u subsection 7e7 %all n exce$ #bej p]c5t ( su* exp5ditures det]m9$ )\t reg>d to subp>agraphs 7,b71 7,c71 7,d71 7,e71 7,f71 & 7,g74 4 7#b7 ,con=m+ am5dm5ts ,section #db7;d77#e77;,b77i7 ( su* ,code is am5d$-- 7,a7 by /rik+ %all be #acj p]c5t ( ea* place x appe>s 9 subclauses 7,i7 & 7,,ii7 & ins]t+ %all be increas$ by #cj p]c5t (1 & 7,b7 by /rik+ ?is subp>agraph ea* place x appe>s 9 subclauses 7,i7 & 7,,ii7 & ins]t+ ?is subp>agraph & subp>agraphs 7,b71 7,c71 7,d71 7,e71 7,f71 & 7,g74 7#c7 ,effective date ,! am5dm5ts made by ?is subsection %all apply to build+s plac$ 9 s]vice aft] ! date ( ! enactm5t ( ?is ,act4 7b7 ,set-,aside = c]ta9 projects 7#a7 ,9 g5]al ,section #db7;h7 ( ! ,int]nal ,rev5ue ,code ( #aihf is am5d$ by add+ at ! end ! foll[+ new p>agraph3 7#i7 ,portion ( ,/ate ceil+ set-aside = c]ta9 projects 7,a7 ,9 g5]al ,n m ?an two-?irds ( ! ,/ate h\s+ cr$it ceil+ = any ,/ate = any cal5d> ye> %all be allocat$ to projects o!r ?an qualifi$ l[-income h\s+ projects describ$ 9 subp>agraphs 7,c71 7,d71 7,e71 7,f71 & 7,g7 ( subsection 7d77#e74 7,b7 ,/ate may n ov]ride set-aside ,no?+ 9 subp>agraph 7,f7 ( p>agraph 7#c7 %all be con/ru$ to p]mit a ,/ate n to comply ) subp>agraph 7,a7 ( ?is p>agraph4 4 7#b7 ,effective date ,! am5dm5ts made by ?is subsection %all apply to cal5d> ye>s beg9n+ aft] ! date ( ! enactm5t ( ?is ,act4 #d4 ,tax-exempt bond f9anc+ requirem5t 7a7 ,9 g5]al ,section #db7;h77#d7 ( ! ,int]nal ,rev5ue ,code ( #aihf is am5d$-- 7#a7 9 subp>agraph 7,b77ii77,i7-- 7,a7 by /rik+ obligations describ$ 9 subp>agraph 7,a7 & ins]t+ qualifi$ obligations1 & 7,b7 by /rik+ #be p]c5t & ins]t+ #ae p]c5t1 & 7#b7 by add+ at ! end ! foll[+ new subp>agraph3 7,c7 ,qualifi$ obligation ,= purposes ( subp>agraph 7,b77ii71 ! t]m qualifi$ obligation means an obligation :i* is describ$ 9 subp>agraph 7,a7 & :i* is "p ( an issue ! issue date ( :i* is be=e ,janu>y #a1 #bjbh4 4 7b7 ,effective date 7#a7 ,9 g5]al ,! am5dm5t made by ?is section %all apply to build+s plac$ 9 s]vice 9 taxable ye>s beg9n+ aft] ,decemb] #ca1 #bjbe4 7#b7 ,rehabilitation exp5ditures treat$ z sep>ate new build+ ,9 ! case ( any build+ ) respect to :i* any exp5ditures are treat$ z a sep>ate new build+ "u section #db7;e7 ( ! ,int]nal ,rev5ue ,code ( #aihf1 = purposes ( p>agraph 7#a71 bo? ! exi/+ build+ & ! sep>ate new build+ %all be treat$ z hav+ be5 plac$ 9 s]vice on ! date su* exp5ditures are treat$ z plac$ 9 s]vice "u section #db7;e77#d7 ( su* ,code4 #e4 ,modification ( ext5d$ use p]iod 7a7 ,9 g5]al ,section #db7;h77#f77;,d77ii77,,ii7 ( ! ,int]nal ,rev5ue ,code ( #aihf is am5d$ by /rik+ #ae ye>s & ins]t+ #ce ye>s4 7b7 ,effective date ,! am5dm5t made by ?is section %all apply to agreem5ts ent]$ into 9 taxable ye>s beg9n+ aft] ! date ( ! enactm5t ( ?is ,act4 #f4 ,repeal ( qualifi$ contract option 7a7 ,t]m9ation ( option = c]ta9 build+s 7#a7 ,9 g5]al ,subclause 7,,ii7 ( section #db7;h77#f77;,e77i7 ( ! ,int]nal ,rev5ue ,code ( #aihf is am5d$ by ins]t+ 9 ! case ( a build+ describ$ 9 clause 7iii71 be=e on ! la/ day4 7#b7 ,build+s describ$ ,subp>agraph 7,e7 ( section #db7;h77#f7 ( su* ,code is am5d$ by add+ at ! end ! foll[+ new clause3 7iii7 ,build+s describ$ ,a build+ describ$ 9 ?is clause is a build+-- 7,i7 :i* receiv$ its allocation ( h\s+ cr$it doll> am\nt be=e ,janu>y #a1 #bjbg1 or 7,,ii7 9 ! case ( a build+ any portion ( :i* is f9anc$ z describ$ 9 p>agraph 7#d71 & :i* receiv$ be=e ,janu>y #a1 #bjbg1 "u ! rules ( p>agraphs 7#a7 & 7#b7 ( subsection 7m71 a det]m9ation f ! issu] ( ! tax-exempt bonds or ! h\s+ cr$it ag5cy t ! build+ w\ld be eligible "u ! qualifi$ allocation plan to receive an allocation ( h\s+ cr$it doll> am\nt or t ! cr$its to be e>n$ are necess>y = f9ancial feasibility ( ! project & its viability z a qualifi$ l[-income h\s+ project ?r\gh\t ! cr$it p]iod4 4 7b7 ,rules relat+ to exi/+ projects ,subp>agraph 7,f7 ( section #db7;h77#f7 ( ! ,int]nal ,rev5ue ,code ( #aihf is am5d$ by /rik+ ! nonl[-income portion & all t foll[s & ins]t+ ! nonl[-income portion & ! l[-income portion ( ! build+ = fair m>ket value 7det]m9$ by ! h\s+ cr$it ag5cy by tak+ into acc\nt ! r5t re/rictions requir$ = ! l[-income portion ( ! build+ to cont9ue to meet ! /&>ds ( p>agraphs 7#a7 & 7#b7 ( subsection 7g774 ,! ,secret>y %all prescribe su* regulations z may be necess>y or appropriate to c>ry out ?is p>agraph44 7c7 ,con=m+ am5dm5ts 7#a7 ,p>agraph 7#f7 ( section #db7;h7 ( ! ,int]nal ,rev5ue ,code ( #aihf is am5d$ by /rik+ subp>agraph 7,g7 & by r$esignat+ subp>agraphs 7,h71 7,i71 7,j71 & 7,k7 z subp>agraphs 7,g71 7,h71 7,i71 & 7,j71 respectively4 7#b7 ,subclause 7,,ii7 ( section #db7;h77#f77;,e77i7 ( su* ,code1 z am5d$ by subsection 7a71 is fur!r am5d$ by /rik+ subp>agraph 7,i7 & ins]t+ subp>agraph 7,h74 7d7 ,te*nical am5dm5t ,subp>agraph 7,i7 ( section #db7;h77#f7 ( ! ,int]nal ,rev5ue ,code ( #aihf1 z r$esignat$ by subsection 7c71 is am5d$ by /rik+ agreem5t & ins]t+ commitm5t4 7e7 ,effective dates 7#a7 ,9 g5]al ,except z provid$ 9 p>agraph 7#b71 ! am5dm5ts made by ?is section %all take effect on ! date ( ! enactm5t ( ?is ,act4 7#b7 ,subsection 7b7 ,! am5dm5ts made by subsection 7b7 %all apply to build+s ) respect to :i* a writt5 reque/ describ$ 9 section #db7;h77#f77;,h7 ( ! ,int]nal ,rev5ue ,code ( #aihf1 z r$esignat$ by subsection 7c71 is submitt$ aft] ! date ( ! enactm5t ( ?is ,act4