S.Amdt. 3183

SA 3183. Mr. CARDIN (for himself and Mr. Schumer) submitted an
amendment intended to be proposed to amendment SA 3060 proposed by Mr.
Wyden to the bill H.R. 3474, to amend the Internal Revenue Code of 1986
to allow employers to exempt employees with health coverage under
TRICARE or the Veterans Administration from being taken into account
for purposes of the employer mandate under the Patient Protection and
Affordable Care Act; which was ordered to lie on the table; as follows:

At the end, add the following:

TITLE _--OTHER PROVISIONS

SEC. __. TREATMENT OF PARTNERSHIP ALLOCATIONS OF THE
REHABILITATION TAX CREDIT BEFORE 2014.

(a) Safe Harbor.--
(1) In general.--An arrangement for the allocation of the
credit determined under section 47(a) of the Internal Revenue
Code of 1986 with respect to any building placed in service
before January 1, 2014, shall not fail to be treated as a
partnership for purposes of the Internal Revenue Code of 1986
if such arrangement meets the requirements of paragraph (2).
(2) Safe-harbor requirements.--An arrangement meets the
requirements of this paragraph if--
(A) such arrangement is a written agreement which is
intended to be a partnership agreement for purposes of the
Internal Revenue Code of 1986,
(B) such arrangement allows for a distributive share of the
credit determined under section 47(a) of such Code to
taxpayers who make a qualified substantial capital
contribution with respect to the rehabilitation of a
qualified rehabilitated building, and
(C) under the terms of such arrangement, after the date
that is 1 year after the date of the enactment of this Act,
neither any principal nor any related person--
(i) is obligated to acquire an interest of another person
in the partnership for a price that exceeds the fair market
value of the interest,
(ii) is permitted to acquire another person's interest in
the partnership for a price that is less than the fair market
value of the interest,
(iii) is required--

(I) to distribute to another partner any amount which is
secured by cash or cash equivalents, or
(II) to acquire the interest of any other partner through
funds secured by cash or cash equivalents, and

(iv) directly or indirectly guarantees or otherwise insures
the amount of any credit determined under section 47(a) of
such Code, or the cash equivalent of any such credit.
(3) Definitions.--For purposes of this section--
(A) Qualified substantial capital contribution.--The term
``qualified substantial capital contribution'' means, with
respect to any qualified rehabilitated building, a capital
contribution which--
(i) is made not later than the date that is 12 months after
the date such qualified rehabilitated building was placed in
service, and
(ii) is greater than the lesser of--

(I) 5 percent of the reasonably anticipated qualified
rehabilitation expenditures (as defined in section 47(c)(2)
of the Internal Revenue Code of 1986) with respect to such
qualified rehabilitated building, or
(II) $200,000.

(B) Principal.--The term ``principal'' means any person
under the arrangement--
(i) who owns the qualified rehabilitated building described
in paragraph (2)(B),
(ii) who is treated as having acquired such qualified
rehabilitated building by reason of an election under
50(d)(5) of the Internal Revenue Code of 1986 , or
(iii) who manages the partnership or is authorized to act
on behalf of the partnership.
(C) Related person.--The term ``related person'' has the
meaning given such term under section 465(b)(3)(C) of the
Internal Revenue Code of 1986.
(D) Qualified rehabilitated building.--The term ``qualified
rehabilitated building'' has the meaning given such term
under section 47(c)(1) of the Internal Revenue Code of 1986.
(b) Treatment of Assessments and Enforcement Actions
Relating to Credit.--In the case of any arrangement for the
allocation of the credit determined under section 47(a) of
the Internal Revenue Code of 1986 with respect to any
qualified rehabilitated building placed in service before
January 1, 2014--
(1) no assessment shall be made under section 6201 of the
Internal Revenue Code of 1986 with respect to such
arrangement, and no enforcement action with respect to any
such assessment (including any notice of deficiency or the
imposition of any lien or levy) shall proceed, before the
date that is 1 year after the date of the enactment of this
Act, and
(2) the running of the period of limitations under section
6229, 6501, or 6502 of the Internal Revenue Code of 1986 with
respect to such arrangement shall be suspended for the period
described in paragraph (1).
______