II
111th CONGRESS
1st Session
S. 2827
IN THE SENATE OF THE UNITED STATES
December 3, 2009
Mr. Schumer 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 expand the military housing allowance exclusion for purposes of determining area gross income in determining whether a residential rental property is a qualified residential rental property for purposes of the exempt facility bond rules.
Short title
This Act may be cited as the
Military Families Affordable Homes
Act
.
Expansion of military housing allowance exclusion for determining area median gross income for qualified residential rental project exempt facility bonds
In general
Subparagraph (B) of section 142(d)(2) of the Internal Revenue Code of 1986 is amended—
by
striking qualified military installation to which
and all that
follows through December 31, 2005
in clause (iii)(I) and
inserting military installation or facility
, and
by striking clause (iv).
Effective date
The amendments made by this section shall apply to determinations of the status of qualified residential rental projects for periods beginning after the date of the enactment of this Act, with respect to bonds issued before, on, or after such date.