S.Amdt. 2721

1. Adds SEC. __. MODIFICATION OF HOUSING CREDIT FOR THE GULF OPPORTUNITY ZONE wherever appropriate

   Adds a section

   Inserted: SEC. __. MODIFICATION OF HOUSING CREDIT FOR THE GULF OPPORTUNITY ZONE.

   Inserted: (a) In General.--Section 1400N(c) is amended by redesignating paragraphs (5) as paragraph (6) and by inserting after paragraph (4) the following new paragraph:

   Inserted: "(5) Special rule for determining low-income unit.--For purposes of section 42--

   Inserted: "(A) In general.--In the case of property place in service during 2006, 2007, or 2008 in the Gulf Opportunity Zone, the term 'low-income unit' means any unit in a building if--

   Inserted: "(i) such unit is rent restricted (as defined in section 42 (g)(2)), and

   Inserted: "(ii) the individuals occupying such unit have an income of 100 percent or less of--

   Inserted: "(I) in the case of a unit located in a nonmetropolitan area (as defined in section 42(d)(5)(C)(iv)(IV), the nonmetropolitan area median gross income (determined under rules similar to the rules of section 142(d)(2)(B)), and

   Inserted: "(II) in the case of any other unit, the area median gross income (determined under the rules of section 142(d)(2)(B)).

   Inserted: "(B) Exceptions and special rules.--For purposes of subparagraph (A), the rules of subparagraphs (B), (C), (D), and (E) of section 42(i)(3) shall apply.".

   Inserted: (b) Effective Date.--The amendments made by this section shall take effect as if included in section 101 of the Gulf Opportunity Zone Act of 2005.

   The amendment doesn't say where this goes; the clerk decides.

   Original wording

   At the appropriate place, insert the following:

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As printed