S. 1989Senate112th Congress (2011-2013)In Committee

A bill to amend the Internal Revenue Code of 1986 to make permanent the minimum low-income housing tax credit rate for unsubsidized buildings and to provide a minimum 4 percent credit rate for existing buildings.

Introduced December 14, 2011

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Read twice and referred to the Committee on Finance.

December 14, 2011

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SenateIntro Referral

Introduced in Senate

December 14, 2011

SenateIntro Referral

Read twice and referred to the Committee on Finance.

December 14, 2011

Floor Debate

1 member

What members said about S. 1989 on the floor

1 Republican
Steve King
Rep. Steve KingR-IA-5 · Jun 16, 2011

Mr. Speaker, I appreciate the privilege to be recognized here on the floor of the House of Representatives to address you about the issues that are important, I think, to you and to all of us who…

Bill Text

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Introduced in SenateIssued December 14, 2011

II

112th CONGRESS

1st Session

S. 1989

IN THE SENATE OF THE UNITED STATES

December 14, 2011

Ms. Cantwell (for herself, Ms. Snowe, Mr. Bingaman, Mr. Kerry, Mr. Nelson of Florida, Mr. Menendez, Mr. Cardin, Mr. Sanders, Mr. Crapo, Mr. Brown of Massachusetts, and Ms. Collins) 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 make permanent the minimum low-income housing tax credit rate for unsubsidized buildings and to provide a minimum 4 percent credit rate for existing buildings.

1.

Extension and modification of minimum low-income housing tax credit rate for certain buildings

(a)

Permanent extension

Paragraph (2) of section 42(b) of the Internal Revenue Code of 1986 is amended—

(1)

by striking Temporary minimum credit rate in the heading and inserting Minimum credit rate, and

(2)

by striking and before December 31, 2013 in subparagraph (A).

(b)

Minimum 4 percent credit rate for certain existing buildings

Subsection (b) of section 42 of the Internal Revenue Code of 1986 is amended—

(1)

by redesignating paragraph (3) as paragraph (4), and

(2)

by inserting after paragraph (2) the following new paragraph:

(3)

Minimum credit rate for non-federally subsidized existing buildings

In the case of any existing building—

(A)

which is placed in service by the taxpayer after the date of the enactment of this paragraph, and

(B)

which is not federally subsidized for the taxable year,

the applicable percentage shall be not less than 4 percent.

.

(c)

Effective date

The amendments made by this section shall apply to buildings placed in service after the date of the enactment of this Act.