I 
110TH CONGRESS 
2D SESSION 
H. R. 5967 
To amend the Internal Revenue Code of 1986 to provide for reallocation 
of abandoned private activity bond volume cap. 
IN THE HOUSE OF REPRESENTATIVES 
MAY 5, 2008 
Mr. WEINER 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 provide 
for reallocation of abandoned private activity bond vol-
ume cap. 
Be it enacted by the Senate and House of Representa-
tives of the United States of America in Congress assembled, 
SECTION 1. SHORT TITLE. 
This Act may be cited as the ‘‘Affordable Housing 
Expansion Act of 2008’’. 
SEC. 2. REALLOCATION OF UNUSED PRIVATE ACTIVITY 
BOND VOLUME CAP. 
(a) IN GENERAL.—Subsection (d) of section 146 of 
the Internal Revenue Code of 1986 (relating to State ceil-
VerDate Aug 31 2005 
02:54 May 06, 2008
Jkt 069200
PO 00000
Frm 00001
Fmt 6652
Sfmt 6201
E:\BILLS\H5967.IH
H5967
jbell on PROD1PC69 with BILLS
ing) is amended by adding at the end the following new 
paragraph: 
‘‘(5) REALLOCATION
OF
UNUSED
VOLUME 
CAP.— 
‘‘(A) IN GENERAL.—The State ceiling ap-
plicable to any State for any calendar year shall 
be increased by an amount equal to any amount 
allocated to the State under subparagraph (B). 
‘‘(B) REALLOCATION BY SECRETARY.—For 
purposes of this paragraph— 
‘‘(i) IN GENERAL.—The unused vol-
ume cap for calendar year 2008, and each 
year thereafter, shall be assigned to the 
Secretary for allocation among qualified 
States for the succeeding calendar year. 
‘‘(ii) FORMULA
FOR
ALLOCATION.— 
The amounts allocated to a qualified State 
under this subparagraph shall be the 
amount determined by the Secretary to 
bear the same ratio to the aggregate un-
used volume cap for the calendar year as 
such State’s population for the calendar 
year bears to the population of all qualified 
States for the calendar year. 
VerDate Aug 31 2005 
02:54 May 06, 2008
Jkt 069200
PO 00000
Frm 00002
Fmt 6652
Sfmt 6201
E:\BILLS\H5967.IH
H5967
jbell on PROD1PC69 with BILLS
‘‘(C) DEFINITIONS.—For purposes of this 
paragraph— 
‘‘(i) UNUSED
VOLUME
CAP.—The 
term ‘unused volume cap’ means, with re-
spect to any calendar year, an amount 
equal to the sum of— 
‘‘(I) any carryforward not used 
by issuing authorities under sub-
section (f) which arose in the third 
calendar year preceding such calendar 
year, plus 
‘‘(II) the excess (if any) of each 
issuing authority’s volume cap for 
such calendar year (determined with-
out regard to any increase for such 
calendar year under subparagraph 
(A)), over the aggregate amount of 
tax-exempt 
private 
activity 
bonds 
issued during such calendar year by 
such authority (but only to the extent 
such issuing authority makes no elec-
tion with respect to such excess under 
subsection (f)(1)). 
‘‘(ii) QUALIFYING STATE.—The term 
‘qualifying State’ means, with respect to a 
VerDate Aug 31 2005 
02:54 May 06, 2008
Jkt 069200
PO 00000
Frm 00003
Fmt 6652
Sfmt 6201
E:\BILLS\H5967.IH
H5967
jbell on PROD1PC69 with BILLS
calendar year, any State for which a re-
quest is made (not later than May 1 of the 
calendar year) to receive an increase under 
this paragraph. 
‘‘(D) TREATMENT OF 2001 THROUGH 2007 
UNUSED
VOLUME
CAP.—The unused volume 
cap for calendar year 2008 (determined without 
regard to this subparagraph) shall be increased 
by an amount equal to the sum of— 
‘‘(i) any carryforward not used by 
issuing authorities under subsection (f) 
which arose in each of calendar years 1998 
through 2004, plus 
‘‘(ii) the excess (if any) described in 
subparagraph (C)(i)(II) for each of cal-
endar years 2001 through 2007.’’. 
(b) CONFORMING AMENDMENT.—Subparagraph (A) 
of section 146(f)(1) of such Code is amended by inserting 
‘‘(determined without regard to any increase for the cal-
endar year under subsection (d)(5))’’ after ‘‘1985’’. 
(c) EFFECTIVE DATE.—The amendments made by 
this section shall apply to bonds issued after December 
31, 2008. 
Æ 
VerDate Aug 31 2005 
02:54 May 06, 2008
Jkt 069200
PO 00000
Frm 00004
Fmt 6652
Sfmt 6301
E:\BILLS\H5967.IH
H5967
jbell on PROD1PC69 with BILLS