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[Congressional Bills 118th Congress]
[From the U.S. Government Publishing Office]
[H.R. 9862 Introduced in House (IH)]

<DOC>

118th CONGRESS
  2d Session
                                H. R. 9862

      To amend the Internal Revenue Code of 1986 to allow for the 
   reallocation of unused volume cap for private activity bonds for 
                 qualified residential rental projects.

_______________________________________________________________________

                    IN THE HOUSE OF REPRESENTATIVES

                           September 27, 2024

  Ms. Crockett (for herself and Ms. Lee of California) introduced the 
 following bill; which was referred to the Committee on Ways and Means

_______________________________________________________________________

                                 A BILL

 
      To amend the Internal Revenue Code of 1986 to allow for the 
   reallocation of unused volume cap for private activity bonds for 
                 qualified residential rental projects.

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

SECTION 1. SHORT TITLE.

    This Act may be cited as the ``Combating the Housing Supply 
Shortage Act of 2024''.

SEC. 2. REALLOCATION OF UNUSED VOLUME CAP FOR PRIVATE ACTIVITY BONDS 
              FOR QUALIFIED RESIDENTIAL RENTAL PROJECTS.

    (a) In General.--Section 146 of the Internal Revenue Code of 1986 
is amended by adding at the end the following new subsection:
    ``(o) Reallocation of Volume Cap for Housing Production.--
            ``(1) Issuance of supplemental bonds.--Any private activity 
        bonds issued by an issuing authority during a calendar year for 
        projects described in section 142(a)(7) shall not be taken into 
        account under subsection (a) to the extent the amount of such 
        bonds does not exceed so much of the State's supplemental 
        residential rental limitation for such calendar year as is 
        allocated to such issuing authority by such State for such 
        calendar year.
            ``(2) Supplemental residential rental limitation.--For 
        purposes of this subsection--
                    ``(A) In general.--The term `supplemental 
                residential rental limitation' means, with respect to 
                any State for any calendar year, the State's housing 
                need percentage of the national unused volume cap 
                amount for such calendar year.
                    ``(B) Housing need percentage.--The `housing need 
                percentage' means, with respect to any State for any 
                calendar year, the percentage determined by the 
                Secretary as being equal to the quotient of--
                            ``(i) the aggregate face amount of 
                        multifamily housing bonds issued by such State 
                        during the second preceding calendar year, 
                        divided by
                            ``(ii) the aggregate face amount of such 
                        bonds issued by all States during such second 
                        preceding calendar year.
                    ``(C) Allocations to issuing authority.--Except as 
                otherwise provided by the Secretary, the supplemental 
                residential rental limitation shall be allocated by the 
                State to issuing authorities in such manner as the 
                State provides. The aggregate amount of supplemental 
                residential rental limitation taken into account under 
                paragraph (1) as allocated by any State for any 
                calendar year shall not exceed the supplement 
                residential rental limitation of such State for such 
                calendar year.
                    ``(D) Multifamily housing bonds.--The term 
                `multifamily housing bond' means, with respect to any 
                State, any bond for projects described in section 
                142(a)(7) which is taken into account under subsection 
                (a) with respect to an issuing authority of such State.
            ``(3) National unused volume cap amount.--For purposes of 
        this subsection--
                    ``(A) In general.--The term `national unused volume 
                cap amount' means, with respect to a calendar year, the 
                amount which is estimated by the Secretary as being 
                equal to the sum of--
                            ``(i) the excess (if any) of--
                                    ``(I) sum of the State ceilings for 
                                all States for the second preceding 
                                calendar year, over
                                    ``(II) the sum of the aggregate 
                                face amount of private activity bonds 
                                taken into account under subsection (a) 
                                for the second preceding calendar year 
                                plus any portion of the amount 
                                described in subclause (I) which is 
                                carried forward under subsection (f),
                            ``(ii) the amount of any carryforward under 
                        subsection (f) which expired at the close of 
                        the second preceding calendar year, plus
                            ``(iii) any supplemental residential 
                        limitation allocated under this subsection for 
                        the second preceding calendar year which was 
                        unused as of the close of such year.
                    ``(B) Adjustments.--The Secretary shall make proper 
                adjustments to the national unused volume cap amount 
                for any calendar year to the extent the Secretary's 
                estimates for preceding calendar years were in excess 
                of or less than the Secretary's current estimates for 
                such preceding calendar years.
            ``(4) Information reporting.--
                    ``(A) In general.--The Secretary shall require each 
                State to submit to the Secretary in such manner 
                (including electronically) such information as the 
                Secretary determines to be necessary or appropriate to 
                carry out this subsection. In the case of any State 
                which fails to provide the information referred to in 
                the preceding sentence, the Secretary may reduce the 
                State ceiling of such State for the calendar year 
                following the calendar year in which such failure 
                occurs by an amount equal to not more than 5 percent of 
                the amount of such State ceiling (determined without 
                regard to this paragraph) as the Secretary determines 
                appropriate.
                    ``(B) Publication.--The Secretary shall, not later 
                than December 31 of each year, publish the following 
                information for the preceding calendar year:
                            ``(i) With respect to each State--
                                    ``(I) the sum of the face amounts 
                                of bonds issued by such State that were 
                                not taken into account under subsection 
                                (a) through the operation of paragraph 
                                (1),
                                    ``(II) the supplemental residential 
                                rental limitation for such State, and
                                    ``(III) the housing need percentage 
                                of such State.
                            ``(ii) The amounts determined under clauses 
                        (i), (ii), and (iii) of paragraph (3)(A).
                            ``(iii) The amount and justification for 
                        any adjustment made under paragraph (3)(B).''.
    (b) Effective Date.-- The amendment made by this section shall 
apply to bonds issued in calendar years beginning after the date of the 
enactment of this Act.
                                 <all>
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