S.Amdt. 276

SA 276. Ms. CANTWELL (for herself, Mr. Kerry, Ms. Snowe, Mr. Schumer,
Ms. Stabenow, Mr. Bingaman, Mr. Ensign, Mr. Carper, Mr. Hatch, Mr.
Wyden, Mr. Cardin, Mr. Nelson of Florida, Mr. Reed, and Mr. Kennedy)
submitted an amendment intended to be proposed to amendment SA 98
proposed by Mr. Inouye (for himself and Mr. Baucus) to the bill H.R. 1,
making supplemental appropriations for job preservation and creation,
infrastructure investment, energy efficiency and science, assistance to
the unemployed, and State and local fiscal stabilization, for fiscal
year ending September 30, 2009, and for other purposes; which was
ordered to lie on the table; as follows:

At the end of subtitle J of title I of division B, add the
following:

SEC. ___. ELECTION TO ACCELERATE THE LOW-INCOME HOUSING TAX
CREDIT.

(a) In General.--At the election of the taxpayer, the
credit determined under section 42 of the Internal Revenue
Code of 1986 for the taxpayer's first three taxable years
beginning after December 31, 2008, in which credits are
allowable for any low-income housing project with respect to
initial investments made pursuant to a binding agreement by
such taxpayer after December 31, 2008, and before January 1,
2011, shall be 200 percent of the amount which would (but for
this subsection) be so allowable.
(b) Eligibility for Election.--The election under
subsection (a) shall take effect with respect to the first
taxable year referred to in such subsection only when all
rental requirements pursuant to section 42(g)(1) of the
Internal Revenue Code of 1986 have been met with respect to
the low-income housing project.
(c) Reduction in Aggregate Credit to Reflect Accelerated
Credit.--The aggregate credit allowable to any taxpayer under
section 42 of the Internal Revenue Code of 1986 with respect
to any investment for taxable years after the first three
taxable years referred to in subsection (a) shall be reduced
on a pro rata basis by the amount of the increased credit
allowable by reason of subsection (a) with respect to such
first three taxable years. The preceding sentence shall not
be construed to affect whether any taxable year is part of
the credit, compliance, or extended use periods under such
section 42.
(d) Election.--The election under subsection (a) shall be
made at the time and in the manner prescribed by the
Secretary of the Treasury or the Secretary's delegate, and,
once made, shall be irrevocable. In the case of a
partnership, such election shall be made by the partnership.
______