S.Amdt. 3437

SA 3437. Mr. HARKIN submitted an amendment intended to be proposed to
amendment SA 3336 proposed by Mr. Baucus to the bill H.R. 4213, to
amend the Internal Revenue Code of 1986 to extend certain expiring
provisions, and for other purposes; which was ordered to lie on the
table; as follows:

At the appropriate place, add the following section:

SEC. __. TEMPORARY MODIFICATION IN THE ACTIVE PARTICIPATION
REQUIREMENT LIMIT REGARDING THE LOW INCOME
HOUSING TAX CREDIT.

(a) Section 469(i) of the Internal Revenue Code of 1986 is
amended by inserting a new paragraph as follows:
``In the case of any taxpayer to whom the active
participation requirement does not apply, pursuant to
paragraph (6)(B), the dollar limitation of paragraph (2)
shall be applied by substituting `$500,000' for `$25,000'
each place it appears.''
(b) The amendment made by subsection (a) shall not apply
after December 31, 2010, except with respect to investments
made or contracted to be made prior to that date.
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