[Congressional Bills 118th Congress]
[From the U.S. Government Publishing Office]
[H.R. 9862 Introduced in House (IH)]
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118th CONGRESS
2d Session
H. R. 9862
To amend the Internal Revenue Code of 1986 to allow for the
reallocation of unused volume cap for private activity bonds for
qualified residential rental projects.
_______________________________________________________________________
IN THE HOUSE OF REPRESENTATIVES
September 27, 2024
Ms. Crockett (for herself and Ms. Lee of California) 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 allow for the
reallocation of unused volume cap for private activity bonds for
qualified residential rental projects.
Be it enacted by the Senate and House of Representatives of the
United States of America in Congress assembled,
SECTION 1. SHORT TITLE.
This Act may be cited as the ``Combating the Housing Supply
Shortage Act of 2024''.
SEC. 2. REALLOCATION OF UNUSED VOLUME CAP FOR PRIVATE ACTIVITY BONDS
FOR QUALIFIED RESIDENTIAL RENTAL PROJECTS.
(a) In General.--Section 146 of the Internal Revenue Code of 1986
is amended by adding at the end the following new subsection:
``(o) Reallocation of Volume Cap for Housing Production.--
``(1) Issuance of supplemental bonds.--Any private activity
bonds issued by an issuing authority during a calendar year for
projects described in section 142(a)(7) shall not be taken into
account under subsection (a) to the extent the amount of such
bonds does not exceed so much of the State's supplemental
residential rental limitation for such calendar year as is
allocated to such issuing authority by such State for such
calendar year.
``(2) Supplemental residential rental limitation.--For
purposes of this subsection--
``(A) In general.--The term `supplemental
residential rental limitation' means, with respect to
any State for any calendar year, the State's housing
need percentage of the national unused volume cap
amount for such calendar year.
``(B) Housing need percentage.--The `housing need
percentage' means, with respect to any State for any
calendar year, the percentage determined by the
Secretary as being equal to the quotient of--
``(i) the aggregate face amount of
multifamily housing bonds issued by such State
during the second preceding calendar year,
divided by
``(ii) the aggregate face amount of such
bonds issued by all States during such second
preceding calendar year.
``(C) Allocations to issuing authority.--Except as
otherwise provided by the Secretary, the supplemental
residential rental limitation shall be allocated by the
State to issuing authorities in such manner as the
State provides. The aggregate amount of supplemental
residential rental limitation taken into account under
paragraph (1) as allocated by any State for any
calendar year shall not exceed the supplement
residential rental limitation of such State for such
calendar year.
``(D) Multifamily housing bonds.--The term
`multifamily housing bond' means, with respect to any
State, any bond for projects described in section
142(a)(7) which is taken into account under subsection
(a) with respect to an issuing authority of such State.
``(3) National unused volume cap amount.--For purposes of
this subsection--
``(A) In general.--The term `national unused volume
cap amount' means, with respect to a calendar year, the
amount which is estimated by the Secretary as being
equal to the sum of--
``(i) the excess (if any) of--
``(I) sum of the State ceilings for
all States for the second preceding
calendar year, over
``(II) the sum of the aggregate
face amount of private activity bonds
taken into account under subsection (a)
for the second preceding calendar year
plus any portion of the amount
described in subclause (I) which is
carried forward under subsection (f),
``(ii) the amount of any carryforward under
subsection (f) which expired at the close of
the second preceding calendar year, plus
``(iii) any supplemental residential
limitation allocated under this subsection for
the second preceding calendar year which was
unused as of the close of such year.
``(B) Adjustments.--The Secretary shall make proper
adjustments to the national unused volume cap amount
for any calendar year to the extent the Secretary's
estimates for preceding calendar years were in excess
of or less than the Secretary's current estimates for
such preceding calendar years.
``(4) Information reporting.--
``(A) In general.--The Secretary shall require each
State to submit to the Secretary in such manner
(including electronically) such information as the
Secretary determines to be necessary or appropriate to
carry out this subsection. In the case of any State
which fails to provide the information referred to in
the preceding sentence, the Secretary may reduce the
State ceiling of such State for the calendar year
following the calendar year in which such failure
occurs by an amount equal to not more than 5 percent of
the amount of such State ceiling (determined without
regard to this paragraph) as the Secretary determines
appropriate.
``(B) Publication.--The Secretary shall, not later
than December 31 of each year, publish the following
information for the preceding calendar year:
``(i) With respect to each State--
``(I) the sum of the face amounts
of bonds issued by such State that were
not taken into account under subsection
(a) through the operation of paragraph
(1),
``(II) the supplemental residential
rental limitation for such State, and
``(III) the housing need percentage
of such State.
``(ii) The amounts determined under clauses
(i), (ii), and (iii) of paragraph (3)(A).
``(iii) The amount and justification for
any adjustment made under paragraph (3)(B).''.
(b) Effective Date.-- The amendment made by this section shall
apply to bonds issued in calendar years beginning after the date of the
enactment of this Act.
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