Home > 106th Congressional Bills > H.R. 83 (ih) To modify the provision of law which provides a permanent appropriation for the compensation of Members of Congress, and for other purposes. [Introduced in House] ...H.R. 83 (ih) To modify the provision of law which provides a permanent appropriation for the compensation of Members of Congress, and for other purposes. [Introduced in House] ...
allocations received by the taxpayer from any and all
State homeownership credit agencies, and
``(C) such other information as the Secretary may
require.
The penalty under section 6652(j) shall apply to any failure to
submit the return required by the Secretary under the preceding
sentence on the date prescribed therefor.
``(2) From homeownership credit agencies.--Each agency
which allocates any homeownership credit dollar amount to any
residence for any calendar year shall submit to the Secretary
(at such time and in such form and manner as the Secretary
shall prescribe) an annual report specifying--
``(A) the amount of the homeownership credit dollar
amount allocated to each residence for such year,
``(B) sufficient information to identify each such
residence and the taxpayer initially entitled to claim
the credit under this section with respect thereto, and
``(C) such other information as the Secretary may
require.
``(k) Responsibilities of Homeownership Credit Agencies.--
``(1) Plans for allocation of credit among residences.--
``(A) In general.--Notwithstanding any other
provision of this section, the homeownership credit
dollar amount with respect to any qualified residence
shall be zero unless such amount was allocated pursuant
to a qualified allocation plan of the homeownership
credit agency which is approved by the governmental
unit (in accordance with rules similar to the rules of
section 147(f)(2) (other than subparagraph (B)(ii)
thereof)) of which such agency is a part.
``(B) Qualified allocation plan.--For purposes of
this paragraph, the term `qualified allocation plan'
means any plan which sets forth selection criteria to
be used to determine the homeownership development
priorities of the homeownership credit agency which are
appropriate to local conditions.
``(C) Certain homeownership development criteria
must be used.--The development criteria set forth in a
qualified allocation plan must include--
``(i) contribution of the development to
community stability and revitalization,
``(ii) community and local government
support for the development,
``(iii) need for homeownership development
within the area,
``(iv) sponsor capability, and
``(v) long-term sustainability of the
project as owner-occupied residences.
``(2) Credit allocated to residence not to exceed amount
necessary to assure feasibility.--
``(A) In general.--The homeownership credit dollar
amount allocated to a residence shall not exceed the
amount the homeownership credit agency determines is
necessary for the feasibility of the residence.
``(B) Agency evaluation.--In making the
determination under subparagraph (A), the homeownership
credit agency shall consider--
``(i) the sources and uses of funds and the
total financing planned for the residence,
``(ii) any proceeds or receipts expected to
be generated by reason of tax benefits,
``(iii) the anticipated appraised value of
the residence,
``(iv) the reasonableness of the
developmental costs of the residence, and
``(v) the affordability to a reasonable
range of prospective qualified buyers.
``(C) Determination made when credit dollar amount
applied for.--A determination under subparagraph (A)
shall be made as of each of the following times:
``(i) The application for the homeownership
credit dollar amount.
``(ii) The allocation of the homeownership
credit dollar amount.
``(3) Lien for recapture amount.--A homeownership credit
dollar amount may be allocated by a homeownership credit agency
to a residence only if such agency has a lien on such residence
for the payment of any amount potentially required to be paid
under subsection (h) to such agency.
``(l) Regulations.--The Secretary shall prescribe such regulations
as may be necessary or appropriate to carry out the purposes of this
section, including regulations--
``(1) dealing with--
``(A) projects which include more than 1 residence
or only a portion of a residence, and
``(B) buildings which are completed in portions,
``(2) providing for the application of this section to
short taxable years,
``(3) preventing the avoidance of the rules of this
section, and
``(4) providing the opportunity for homeownership credit
agencies to correct administrative errors and omissions with
respect to allocations and recordkeeping within a reasonable
period after their discovery, taking into account the
availability of regulations and other administrative guidance
from the Secretary.''.
(b) Current Year Business Credit Calculation.--Section 38(b)
(relating to current year business credit) is amended by redesignating
paragraphs (6) through (15) as paragraphs (7) through (16),
respectively, and by inserting after paragraph (5) the following new
paragraph:
``(6) the homeownership credit determined under section
42A(a),''.
(c) Limitation on Carryback.--Subsection (d) of section 39
(relating to carryback and carryforward of unused credits) is amended
by adding at the end the following:
``(11) No carryback of homeownership credit before
effective date.--No amount of unused business credit available
under section 42A may be carried back to a taxable year
beginning on or before the date of the enactment of this
paragraph.''.
(d) Conforming Amendments.--
(1) Section 55(c)(1) is amended by inserting ``or
subsection (h) or (i) of section 42A'' after ``section 42''.
(2) Subsections (i)(3)(D), (i)(6)(B)(i), and (k)(1) of
section 469 are each amended by inserting ``or 42A'' after
``section 42''.
(3) Section 772(a) is amended by striking ``and'' at the
end of paragraph (10), by redesignating paragraph (11) as
paragraph (12), and by inserting after paragraph (10) the
following:
``(11) the homeownership credit determined under section
42A, and''.
(4) Section 774(b)(4) is amended by inserting ``, 42A(h),''
after ``section 42(j)''.
(e) Clerical Amendment.--The table of sections for subpart D of
part IV of subchapter A of chapter 1 is amended by inserting after the
item relating to section 42 the following:
``Sec. 42A. Community homeownership
credit.''.
(f) Effective Date.--The amendments made by this section shall
apply to qualified residences sold after the date of the enactment of
this Act.
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