housing cost amount
Defined in 1 place of the United States Code.
The term “housing cost amount” means an amount equal to the excess of—
(A) the housing expenses of an individual for the taxable year, over
(B) an amount equal to the product of—
(i) 16 percent of the salary (computed on a daily basis) of an employee of the United States who is compensated at a rate equal to the annual rate paid for step 1 of grade GS–14, multiplied by
(ii) the number of days of such taxable year within the applicable period described in subparagraph (A) or (B) of subsection (d)(1).
Source
- 1994–200626 U.S.C. § 911Internal Revenue Code · Citizens or residents of the United States living abroad · for purposes of this section
The term “housing cost amount” means an amount equal to the excess of—
(A) the housing expenses of an individual for the taxable year to the extent such expenses do not exceed the amount determined under paragraph (2), over
(B) an amount equal to the product of—
(i) 16 percent of the amount (computed on a daily basis) in effect under subsection (b)(2)(D) for the calendar year in which such taxable year begins, multiplied by
(ii) the number of days of such taxable year within the applicable period described in subparagraph (A) or (B) of subsection (d)(1).
Source
- 2006–present26 U.S.C. § 911Internal Revenue Code · Citizens or residents of the United States living abroad · for purposes of this section