S.Amdt. 6591

SA 6591. Ms. CANTWELL submitted an amendment intended to be proposed
to amendment SA 6552 proposed by Mr. Leahy to the bill H.R. 2617, to
amend section 1115 of title 31, United States Code, to amend the
description of how performance goals are achieved, and for other
purposes; which was ordered to lie on the table; as follows:

On page 2404, after line 3, insert the following:

TITLE VIII--OTHER PROVISIONS

SEC. 801. INCREASE IN STATE HOUSING CREDIT CEILING FOR 2022,
2023, 2024, 2025.

(a) In General.--Section 42(h)(3)(I) is amended to read as
follows:

``(I) Increase in state housing credit ceiling for 2022,
2023, 2024 and 2025.--In the case of calendar years 2022,
2023, 2024, and 2025, each of the dollar amounts in effect
under clauses (I) and (II) of subparagraph (C)(ii) for any
such calendar year (after any increase under subparagraph
(H)) shall be increased by multiplying such dollar amount by
1.125.''.

(b) Effective Date.--The amendment made by this section
shall apply to calendar years beginning after December 31,
2021.

SEC. 802. TAX-EXEMPT BOND FINANCING REQUIREMENT.

(a) In General.--Section 42(h)(4)(B) is amended to read as
follows:
``(B) Special rule where a required percent of buildings is
financed with tax-exempt bonds subject to volume cap.--For
purposes of subparagraph (A), paragraph (1) shall not apply
to any portion of the credit allowable under subsection (a)
with respect to a building if--
``(i) 50 percent or more of the aggregate basis of any such
building and the land on which the building is located is
financed by any obligation which is described in subparagraph
(A) and issued in a calendar year other than 2023, 2024, or
2025,
``(ii) 40 percent or more of the aggregate basis of such
building and the land on which the building is located is
financed by any obligation which is described in subparagraph
(A) and issued in calendar year 2023,
``(iii) 33 percent or more of the aggregate basis of such
building and the land on which the building is located is
financed by any obligation which is described in subparagraph
(A) and issued in calendar year 2024, or
``(iv) 25 percent of more of the aggregate basis of such
building and the land on which the building is located is
financed by any obligation which is described in subparagraph
(A) and issued in calendar year 2025.''.
(b) Effective Date.--The amendment made by this section
shall apply to any building any portion of which, or of the
land on which the building is located, is financed by an
obligation which is described in section 42(h)(4)(A) of the
Internal Revenue Code of 1986 and which is part of an issue
the issue date of which is after December 31, 2022, and
before January 1, 2026.
______