S.Amdt. 4353

1. Rewrites section 231

   Replaces

   In H.R. 4213 · Engrossed Amendment House

   2 unchanged paragraphsHide unchanged text

   SEC. 231. ELECTION FOR DIRECT PAYMENT OF LOW-INCOME HOUSING CREDIT FOR 2010.

   (a) In General.--Section 42 is amended by redesignating subsection (n) as subsection (o) and by inserting after subsection (m) the following new subsection:

   "(n) Election for Direct Payment of Credit.--

   "(1) In general.--The housing credit agency of each State shall be allowed a credit in an amount equal to such State's 2010 low-income housing refundable credit election amount, which shall be payable by the Secretary as provided in paragraph (5).

   "(2) 2010 low-income housing refundable credit election amount.--For purposes of this subsection, the term '2010 [struck: low- income ][inserted: low-income ]housing refundable credit election amount' means, with respect to any State, such amount as the State may elect which does not exceed 85 percent of the product of--

   "(A) the sum of--

   "(i) 100 percent of the State housing credit ceiling for 2010 which is attributable to amounts described in clauses (i) and (iii) of subsection (h)(3)(C), [inserted: plus any credits returned to the State attributable to section 1400N(c) (including credits made available under such section as applied by reason of sections 702(d)(2) ]and[inserted: 704(b) of the Tax Extenders and Alternative Minimum Tax Relief Act of 2008), and]

   "(ii) 40 percent of the State housing credit ceiling for 2010 which is attributable to amounts described in clauses (ii) and (iv) of such subsection, [struck: multiplied by "][inserted: plus any credits for 2010 attributable to the application of such section 702]([struck: B][inserted: d])[struck: 10.][inserted: (2) and 704(b), multiplied by]

   Inserted: "(B) 10.

   Inserted: For purposes of subparagraph (A)(ii), in the case of any area to which section 702(d)(2) or 704(b) of the Tax Extenders and Alternative Minimum Tax Relief Act of 2008 applies, section 1400N(c)(1)(A) shall be applied without regard to clause (i).

   "(3) Coordination with non-refundable credit.--For purposes of this section, the amounts described in clauses (i) through (iv) of subsection (h)(3)(C) with respect to any State for 2010 shall each be reduced by so much of such amount as is taken into account in determining the amount of the credit allowed with respect to such State under paragraph (1).

   "(4) Special rule for basis.--Basis of a qualified [struck: low- income ][inserted: low-income ]building shall not be reduced by the amount of any payment made under this subsection.

   "(5) Payment of credit; use to finance low-income buildings.--The Secretary shall pay to the housing credit agency of each State an amount equal to the credit allowed under paragraph (1). Rules similar to the rules of subsections (c) and (d) of section 1602 of the American Recovery and Reinvestment Tax Act of 2009 shall apply with respect to any payment made under this paragraph, except that such subsection (d) shall be applied by substituting 'January 1, 2012' for 'January 1, 2011'.".

   (b) Conforming Amendment.--Section 1324(b)(2) of title 31, United States Code, is amended by inserting "42(n)," after "36C,".

   Inserted: SEC. 232. LOW-INCOME HOUSING GRANT ELECTION.

   Inserted: (a) Clarification of Eligibility of Low-income Housing Credits for Low-income Housing Grant Election.--Paragraph (1) of section 1602(b) of the American Recovery and Reinvestment Tax Act of 2009 is amended--

   Inserted: (1) by inserting ", plus any increase for 2009 or 2010 attributable to section 1400N(c) of such Code (including credits made available under such section as applied by reason of sections 702(d)(2) and 704(b) of the Tax Extenders and Alternative Minimum Tax Relief Act of 2008)" after "1986" in subparagraph (A), and

   Inserted: (2) by inserting ", plus any credits for 2009 attributable to the application of such section 702(d)(2) and 704(b)" after "such section" in subparagraph (B).

   Inserted: (b) Application of Additional Housing Credit Amount for Purposes of 2009 Grant Election.--Subsection (b) of section 1602 of the American Recovery and Reinvestment Tax Act of 2009, as amended by subsection (a), is amended by adding at the end the following flush sentence:

   Inserted: "For purposes of paragraph (1)(B), in the case of any area to which section 702(d)(2) or 704(b) of the Tax Extenders and Alternative Minimum Tax Relief Act of 2008 applies, section 1400N(c)(1)(A) of such Code shall be applied without regard to clause (i).".

   Inserted: (c) Effective Date.--The amendments made by this section shall apply as if included in the enactment of section 1602 of the American Recovery and Reinvestment Tax Act of 2009.

   Original wording

   Strike section 231 and insert the following:

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