S. 1119Senate108th Congress (2003-2005)In Committee

A bill to amend the Internal Revenue Code of 1986 to clarify the eligibility of certain expenses for the low-income housing credit.

Sponsored by Bob GrahamSen. Bob Graham (D-FL)
Introduced May 22, 2003

Legislative Activity

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2 earlier actions
SenateIntro Referral Latest Action

Read twice and referred to the Committee on Finance. (text of measure as introduced: CR S7004)

May 22, 2003

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SenateIntro Referral

Introduced in Senate

May 22, 2003

SenateIntro Referral

Sponsor introductory remarks on measure. (CR S7003-7004)

May 22, 2003

SenateIntro Referral

Read twice and referred to the Committee on Finance. (text of measure as introduced: CR S7004)

May 22, 2003

Floor Debate

23 members

What members said about S. 1119 on the floor

7 Republicans15 Democrats1 Independent
Dianne Feinstein
Sen. Dianne FeinsteinD-CA · May 22, 2003

Mr. President, I rise today to introduce a bill to prevent unnecessary hardship for ranching families in the Sierra Nevada Mountains. This summer, restrictions imposed for the Yosemite Toad and…

Patty Murray
Sen. Patty MurrayD-WA · May 22, 2003

Mr. President, today I rise to introduce legislation to do what should have been done decades ago: fully ban asbestos in the United States. I am introducing the Ban Asbestos in America Act of 2003 to…

John F. Kerry
Sen. John F. KerryD-MA · May 22, 2003

Mr. President, I rise today with my colleague, Ms. Snowe, to introduce the Fishing Quota Act of 2003, legislation to establish national criteria governing the use of individual fishing quota IFQ…

Jack Reed
Sen. Jack ReedD-RI · May 19, 2003

I thank the Chair. Mr. President, I rise to express my support for the Defense authorization bill that we are debating today and for the remainder of this week. I first want to thank the chairman and…

Arlen Specter
Sen. Arlen SpecterR-PA · May 22, 2003

Mr. President, I have sought recognition to comment on legislation I am introducing today to provide a cost-of-living, COLA, adjustment for certain veterans' benefits programs. This COLA adjustment…

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Jeff Bingaman
Sen. Jeff BingamanD-NM · May 22, 2003

Mr. President, I rise today to introduce the Trade Adjustment Assistance for Communities Act of 2003. This legislation is co-sponsored by Senators Baucus, Rockefeller, Daschle, Murray, Cantwell,…

Max Baucus
Sen. Max BaucusD-MT · May 22, 2003

Mr. President, I rise today in support of the Trade Adjustment Assistance for Communities Act of 2003. I want to commend Senator Bingaman for introducing this bill today. He has been a strong…

Thomas A. Daschle
Sen. Thomas A. DaschleD-SD · May 19, 2003

I have an amendment at the desk and ask for its immediate consideration. Mr. President, I ask unanimous consent that the reading of the amendment be dispensed with. Mr. President, this amendment…

Russell D. Feingold
Sen. Russell D. FeingoldD-WI · May 22, 2003

Mr. President, I am pleased today to introduce the Settlement Encouragement and Fairness Act of 2003. This bill provides that when plaintiffs bring a lawsuit that acts as a catalyst for a change in…

Lindsey Graham
Sen. Lindsey GrahamR-SC · May 19, 2003

Mr. President, I have an amendment to the pending amendment, and I send it to the desk. Mr. President, I ask unanimous consent that further reading of the amendment be dispensed with. Mr. President,…

Saxby Chambliss
Sen. Saxby ChamblissR-GA · May 19, 2003

Mr. President, I rise in strong support of S. 1050, the National Defense Authorization Act for fiscal year 2004. Before talking about this bill, I wish to comment on what my colleague from South…

Bob Graham
Sen. Bob GrahamD-FL · May 22, 2003

Mr. President, today I am re-introducing legislation that will improve the effectiveness of one of the most successful programs we have to help Americans get affordable housing, the Low-Income…

Bob Graham
Sen. Bob GrahamD-FL · May 22, 2003

Mr. President, today I am re-introducing legislation that will improve the effectiveness of one of the most successful programs we have to help Americans get affordable housing, the Low-Income…

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Frank R. Lautenberg
Sen. Frank R. LautenbergD-NJ · May 22, 2003

Mr. President, today, I am proud to introduce, along with my colleagues Senator DeWine and Senator Feinstein, legislation which will make our roads safer and last longer. Anyone who has ever shared…

Tim Johnson
Sen. Tim JohnsonD-SD · May 22, 2003

Mr. President, today, I proudly join with Senator Kerry and Senator Smith to reintroduce the Native American Small Business Development Act. This important legislation is designed to help American…

John Warner
Sen. John WarnerR-VA · May 19, 2003

I ask our distinguished colleague, the distinguished leader on the other side of the aisle, the cost implications. I say to my distinguished friend and colleague, there are a number of provisions…

Tom Harkin
Sen. Tom HarkinD-IA · May 22, 2003

Mr. President, today I am introducing the Meat and Poultry Pathogen Reduction Act of 2003. This legislation, commonly known as Kevin's Law, is dedicated to the memory of 2-year-old Kevin Kowalcyk,…

Orrin G. Hatch
Sen. Orrin G. HatchR-UT · May 22, 2003

Mr. President, today I am pleased to introduce the ``Medicare Physician Payment Equity Act of 2003,'' a bill that corrects a long-standing inequity in Medicare reimbursement to rural physicians. I am…

Joseph R. Biden Jr.
Sen. Joseph R. Biden Jr.D-DE · May 22, 2003

Mr. President, I rise today to help introduce a bill with my good friend from California that will bring new and needed tools to the battle to end violence against children in America, whether it…

Olympia J. Snowe
Sen. Olympia J. SnoweR-ME · May 22, 2003

Mr. President, I rise today, along with Senator Kerry, to introduce the Fishing Quota Act of 2003 which will address one of the most complex policy questions in fisheries management--fishing quotas.…

James M. Jeffords
Sen. James M. JeffordsI-VT · May 22, 2003

Mr. President, I am very pleased to introduce the Champlain Valley National Heritage Act of 2003. I am joined by Senator Leahy and Senators Schumer and Clinton of New York. This bill will establish a…

Carl Levin
Sen. Carl LevinD-MI · May 19, 2003

If the Senator will yield for a minute? I point out one other fact for the consideration of my good friend, the chairman. The chairman, of course, makes an important point about the fact there is a…

Christopher S. Bond
Sen. Christopher S. BondR-MO · May 22, 2003

Mr. President, I rise today to introduce legislation recognizing the historical significance of downtown Sainte Genevieve, MO. Sainte Genevieve was the first European settlement west of the…

Edward M. Kennedy
Sen. Edward M. KennedyD-MA · May 22, 2003

Mr. President, it is a privilege to join Senator Feinstein in the introduction of the Unaccompanied Alien Child Protection Act, and I commend her long-standing commitment to this issue. In recent…

Bill Text

Latest available legislative text

Reading Mode
Latest
Introduced in SenateIssued May 22, 2003
        [Congressional Bills 108th Congress]
[From the U.S. Government Publishing Office]
[S. 1119 Introduced in Senate (IS)]

108th CONGRESS
1st Session
S. 1119

To amend the Internal Revenue Code of 1986 to clarify the eligibility
of certain expenses for the low-income housing credit.

_______________________________________________________________________

IN THE SENATE OF THE UNITED STATES

May 22, 2003

Mr. Graham of Florida (for himself, Mr. Hatch, and Mr. Jeffords)
introduced the following bill; which was read twice and referred to the
Committee on Finance

_______________________________________________________________________

A BILL

To amend the Internal Revenue Code of 1986 to clarify the eligibility
of certain expenses for the low-income housing credit.

Be it enacted by the Senate and House of Representatives of the
United States of America in Congress assembled,

SECTION 1. ELIGIBILITY OF CERTAIN EXPENSES FOR LOW-INCOME HOUSING
CREDIT.

(a) In General.--Subsection (d) of section 42 of the Internal
Revenue Code of 1986 (relating to low-income housing credit) is amended
by adding at the end the following new paragraph:
``(8) Associated development costs included in basis.--
``(A) In general.--Solely for purposes of this
section, associated development costs shall be taken
into account in determining the basis of any building
which is part of a low-income housing project to the
extent not otherwise so taken into account.
``(B) Associated development costs.--For purposes
of subparagraph (A), the term `associated development
costs' means, with respect to any building, such
building's allocable share of--
``(i) any cost incurred in preparing the
site which is reasonably related to the
development of the qualified low-income housing
project of which the building is a part,
``(ii) any fee imposed by a State or local
government as a condition to development of
such project,
``(iii) any reasonable fee paid to any
developer of such project,
``(iv) any professional fee relating to any
item includible in the basis of the building
pursuant to this paragraph, and
``(v) any cost of financing attributable to
construction of the building (without regard to
the source of such financing) which is required
to be capitalized.''
(b) Effective Date.--The amendments made by this section shall
apply to--
(1) housing credit dollar amounts allocated after December
31, 2002, and
(2) buildings placed in service after such date to the
extent paragraph (1) of section 42(h) of the Internal Revenue
Code of 1986 does not apply to any building by reason of
paragraph (4) thereof, but only with respect to bonds issued
after such date.
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