HR 5967
110th CONGRESS
2d Session
H. R. 5967
To amend the Internal Revenue Code of 1986 to provide for reallocation
of abandoned private activity bond volume cap.
IN THE HOUSE OF REPRESENTATIVES
May 5, 2008
Mr. WEINER 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 for reallocation
of abandoned private activity bond volume cap.
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 `Affordable Housing Expansion Act of 2008'.
SEC. 2. REALLOCATION OF UNUSED PRIVATE ACTIVITY BOND VOLUME CAP.
(a) In General- Subsection (d) of section 146 of the Internal Revenue Code
of 1986 (relating to State ceiling) is amended by adding at the end the following
new paragraph:
`(5) REALLOCATION OF UNUSED VOLUME CAP-
`(A) IN GENERAL- The State ceiling applicable to any State for any calendar
year shall be increased by an amount equal to any amount allocated to
the State under subparagraph (B).
`(B) REALLOCATION BY SECRETARY- For purposes of this paragraph--
`(i) IN GENERAL- The unused volume cap for calendar year 2008, and each
year thereafter, shall be assigned to the Secretary for allocation among
qualified States for the succeeding calendar year.
`(ii) FORMULA FOR ALLOCATION- The amounts allocated to a qualified State
under this subparagraph shall be the amount determined by the Secretary
to bear the same ratio to the aggregate unused volume cap for the calendar
year as such State's population for the calendar year bears to the population
of all qualified States for the calendar year.
`(C) DEFINITIONS- For purposes of this paragraph--
`(i) UNUSED VOLUME CAP- The term `unused volume cap' means, with respect
to any calendar year, an amount equal to the sum of--
`(I) any carryforward not used by issuing authorities under subsection
(f) which arose in the third calendar year preceding such calendar
year, plus
`(II) the excess (if any) of each issuing authority's volume cap for
such calendar year (determined without regard to any increase for
such calendar year under subparagraph (A)), over the aggregate amount
of tax-exempt private activity bonds issued during such calendar year
by such authority (but only to the extent such issuing authority makes
no election with respect to such excess under subsection (f)(1)).
`(ii) QUALIFYING STATE- The term `qualifying State' means, with respect
to a calendar year, any State for which a request is made (not later
than May 1 of the calendar year) to receive an increase under this paragraph.
`(D) TREATMENT OF 2001 THROUGH 2007 UNUSED VOLUME CAP- The unused volume
cap for calendar year 2008 (determined without regard to this subparagraph)
shall be increased by an amount equal to the sum of--
`(i) any carryforward not used by issuing authorities under subsection
(f) which arose in each of calendar years 1998 through 2004, plus
`(ii) the excess (if any) described in subparagraph (C)(i)(II) for each
of calendar years 2001 through 2007.'.
(b) Conforming Amendment- Subparagraph (A) of section 146(f)(1) of such Code
is amended by inserting `(determined without regard to any increase for the
calendar year under subsection (d)(5))' after `1985'.
(c) Effective Date- The amendments made by this section shall apply to bonds
issued after December 31, 2008.
END
