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S 2827 IS
111th CONGRESS
1st Session
S. 2827
To amend the Internal Revenue Code of 1986 to expand the military housing allowance exclusion for purposes of determining area gross income in determining whether a residential rental property is a qualified residential rental property for purposes of the exempt facility bond rules.
IN THE SENATE OF THE UNITED STATES
December 3, 2009
Mr. SCHUMER 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 expand the military housing allowance exclusion for purposes of determining area gross income in determining whether a residential rental property is a qualified residential rental property for purposes of the exempt facility bond rules.
Be it enacted by the Senate and House of Representatives of the United States of America in Congress assembled,
SECTION 1. SHORT TITLE.
SEC. 2. EXPANSION OF MILITARY HOUSING ALLOWANCE EXCLUSION FOR DETERMINING AREA MEDIAN GROSS INCOME FOR QUALIFIED RESIDENTIAL RENTAL PROJECT EXEMPT FACILITY BONDS.
(a) In General- Subparagraph (B) of section 142(d)(2) of the Internal Revenue Code of 1986 is amended--
(1) by striking ‘qualified military installation to which’ and all that follows through ‘December 31, 2005’ in clause (iii)(I) and inserting ‘military installation or facility’, and
(2) by striking clause (iv).
(b) Effective Date- The amendments made by this section shall apply to determinations of the status of qualified residential rental projects for periods beginning after the date of the enactment of this Act, with respect to bonds issued before, on, or after such date.
U.S. Congress - Text of S.2827 as Introduced in Senate Military Families Affordable Homes Act
