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[Congressional Bills 112th Congress]
[From the U.S. Government Publishing Office]
[S. 3243 Introduced in Senate (IS)]

112th CONGRESS
  2d Session
                                S. 3243

 To amend the Internal Revenue Code of 1986 to increase the amount of 
 the low-income housing credit that may be allocated in States damaged 
           in 2011 by Hurricane Irene or Tropical Storm Lee.

_______________________________________________________________________

                   IN THE SENATE OF THE UNITED STATES

                              May 24, 2012

 Mrs. Gillibrand (for herself, Mr. Leahy, and Mr. Sanders) 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 increase the amount of 
 the low-income housing credit that may be allocated in States damaged 
           in 2011 by Hurricane Irene or Tropical Storm Lee.

    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 ``Irene and Lee Tax Relief Storm 
Recovery Act''.

SEC. 2. ADDITIONAL LOW-INCOME HOUSING CREDIT MAY BE ALLOCATED IN STATES 
              DAMAGED IN 2011 BY HURRICANE IRENE OR TROPICAL STORM LEE.

    (a) In General.--Paragraph (3) of section 42(h) of the Internal 
Revenue Code of 1986 (relating to limitation on aggregate credit 
allowable with respect to projects located in a State) is amended by 
adding at the end the following new subparagraph:
                    ``(J) Increase in state housing credit for states 
                damaged in 2011 by hurricane irene or tropical storm 
                lee.--
                            ``(i) In general.--In the case of calendar 
                        years 2012, 2013, and 2014, the State housing 
                        credit ceiling of each State any portion of 
                        which includes any portion of the Irene-Lee 
                        disaster area shall be increased by the lesser 
                        of--
                                    ``(I) the aggregate housing credit 
                                dollar amount allocated by the State 
                                housing credit agency of such State for 
                                such calendar year to buildings located 
                                in such disaster area, or
                                    ``(II) the applicable limitation, 
                                reduced by the aggregate increase under 
                                this clause for all prior calendar 
                                years.
                            ``(ii) Applicable limitation.--For purposes 
                        of clause (i), the applicable limitation is the 
                        lesser of--
                                    ``(I) $2.15 multiplied by the 
                                population of the area described in 
                                clause (vii)(I), or
                                    ``(II) 50 percent of the State 
                                housing credit ceiling (determined 
                                without regard to this subparagraph) 
                                for 2012.
                            ``(iii) Allocations treated as made first 
                        from additional allocation amount for purposes 
                        of determining carryover.--For purposes of 
                        determining the unused State housing credit 
                        ceiling under subparagraph (C) for any calendar 
                        year, any increase in the State housing credit 
                        ceiling under clause (i) shall be treated as an 
                        amount described in clause (ii) of such 
                        subparagraph.
                            ``(iv) Difficult development area.--
                                    ``(I) In general.--In the case of 
                                property placed in service during 2012, 
                                2013, or 2014, the Irene-Lee disaster 
                                area shall be treated as a difficult 
                                development area designated under 
                                subclause (I) of subsection 
                                (d)(5)(B)(iii), and shall not be taken 
                                into account for purposes of applying 
                                the limitation under subclause (II) of 
                                such subsection.
                                    ``(II) Application of clause.--
                                Clause (i) shall apply only to--
                                            ``(aa) housing credit 
                                        dollar amounts allocated during 
                                        2012, 2013, or 2014, and
                                            ``(bb) to the extent that 
                                        paragraph (1) does not apply to 
                                        any building by reason of 
                                        paragraph (4), only with 
                                        respect to bonds issued after 
                                        December 31, 2011.
                            ``(v) Special rule for applying income 
                        tests.--In the case of property placed in 
                        service after 2011 and before 2019 in a 
                        nonmetropolitan area (as defined in subsection 
                        (d)(5)(B)(iv)(IV)) within the Irene-Lee 
                        disaster area, this section shall be applied by 
                        substituting `national nonmetropolitan median 
                        gross income (determined under rules similar to 
                        the rules of section 142(d)(2)(B))' for `area 
                        median gross income' in subparagraphs (A) and 
                        (B) of subsection (g)(1).
                            ``(vi) Time for making low-income housing 
                        credit allocations.--Paragraph (1)(B) shall not 
                        apply to an allocation of housing credit dollar 
                        amount to a building located in the Irene-Lee 
                        disaster area if such allocation is made in 
                        2012, 2013, or 2014, and such building is 
                        placed in service before January 1, 2018.
                            ``(vii) Irene-lee disaster area.--For 
                        purposes of this subparagraph, the term `Irene-
                        Lee disaster area' means--
                                    ``(I) each county included in the 
                                geographical area covered by a 
                                qualifying natural disaster 
                                declaration, and
                                    ``(II) each county contiguous to a 
                                county described in subclause (I).
                            ``(viii) Qualifying natural disaster 
                        declaration.--For purposes of clause (vii), the 
                        term `qualifying natural disaster declaration' 
                        means--
                                    ``(I) a natural disaster declared 
                                by the Secretary of Agriculture in 2011 
                                due to damaging weather and other 
                                conditions relating to Hurricane Irene 
                                or Tropical Storm Lee under section 
                                321(a) of the Consolidated Farm and 
                                Rural Development Act (7 U.S.C. 
                                1961(a)), or
                                    ``(II) a major disaster or 
                                emergency designated by the President 
                                in 2011 due to damaging weather and 
                                other conditions relating to Hurricane 
                                Irene or Tropical Storm Lee under the 
                                Robert T. Stafford Disaster Relief and 
                                Emergency Assistance Act (42 U.S.C. 
                                5121 et seq.).''.
    (b) Effective Date.--The amendment made by this section shall take 
effect on the date of the enactment of this Act.
                                 <all>
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