< Back to H.R. 4712 (107th Congress, 2001–2002)

Text of To amend the Internal Revenue Code of 1986 to provide an exemption from the recapture provisions of the low-income housing ...

...the low-income housing credit for certain recipients of Federal multi-family housing loans.

This bill was introduced on May 9, 2002, in a previous session of Congress, but was not enacted. The text of the bill below is as of May 9, 2002 (Introduced).

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HR 4712 IH

107th CONGRESS

2d Session

H. R. 4712

To amend the Internal Revenue Code of 1986 to provide an exemption from the recapture provisions of the low-income housing credit for certain recipients of Federal multi-family housing loans.

IN THE HOUSE OF REPRESENTATIVES

MAY 9, 2002

Mr. WATKINS of Oklahoma 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 an exemption from the recapture provisions of the low-income housing credit for certain recipients of Federal multi-family housing loans.

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

SECTION 1. EXEMPTION FROM LOW-INCOME HOUSING CREDIT RECAPTURE PROVISIONS FOR CERTAIN RECIPIENTS OF FEDERAL MULTI-FAMILY HOUSING LOANS.

    (a) IN GENERAL- Section 42(j)(4) of the Internal Revenue Code of 1986 is amended by adding at the end the following:

        ‘(G) NO RECAPTURE ON CERTAIN DISPOSITIONS- In the case of a disposition of a building or an interest therein the taxpayer shall be discharged from liability for any additional tax under this subsection by reason of such disposition if--

          ‘(i) the taxpayer received a loan which was made under section 515 of the Housing Act of 1949 with respect to such building,

          ‘(ii) such disposition is to an organization described in section 501(c)(3) and exempt from tax under section 501(a), and

          ‘(iii) it is reasonably expected that such building will continue to be operated as a qualified low-income building for the remaining compliance period with respect to such building.’.

    (b) EFFECTIVE DATE- The amendment made by this section shall apply to dispositions made after the date of the enactment of this Act.