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Full Text of this Amendment
and creation, infrastructure investment, energy efficiency and science, assistance to the unemployed, and State and local fiscal stabilization, for fiscal year ending September 30, 2009, and for other purposes; which was ordered to lie on the table; as follows:
At the end of subtitle J of title I of division B, add the following:
SEC. __X. ELECTION TO ACCELERATE THE LOW-INCOME HOUSING TAX CREDIT.
(a) In General.--At the election of the taxpayer, the credit determined under section 42 of the Internal Revenue Code of 1986 for the taxpayer's first three taxable years beginning after December 31, 2008, in which credits are allowable for any low-income housing project with respect to initial investments made pursuant to a binding agreement by such taxpayer after December 31, 2008, and before January 1, 2011, shall be 200 percent of the amount which would (but for this subsection)
be so allowable.
(b) Eligibility for Election.--The election under subsection (a) shall take effect with respect to the first taxable year referred to in such subsection only when all rental requirements pursuant to section 42(g)(1) of the Internal Revenue Code of 1986 have been met with respect to the low-income housing project.
(c) Reduction in Aggregate Credit to Reflect Accelerated Credit.--The aggregate credit allowable to any taxpayer under section 42 of the Internal Revenue Code of 1986 with respect to any investment for taxable years after the first three taxable years referred to in subsection (a) shall be reduced on a pro rata basis by the amount of the increased credit allowable by reason of subsection (a) with respect to such first three taxable years. The preceding sentence shall not be construed
to affect whether any taxable year is part of the credit, compliance, or extended use periods under such section 42.
(d) Election.--The election under subsection (a) shall be made at the time and in the manner prescribed by the Secretary of the Treasury or the Secretary's delegate, and, once made, shall be irrevocable. In the case of a partnership, such election shall be made by the partnership.
(As printed in the Congressional Record for the Senate on Feb 4, 2009.)