Affordable Housing Credit Carryback Act
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Progress
Where this bill stands in the legislative process.
- Introduced
- Passed House
- Passed Senate
- To President
- Became Law
Overview
This bill would allow developers of affordable housing projects to carry back credits earned under the Low-Income Housing Tax Credit (LIHTC) for up to five years. This means that if a project generates a tax credit in a given year, developers could receive a refund of those credits from prior years. The goal is to provide immediate financial relief to developers and encourage the construction of more affordable housing units. The bill amends the Internal Revenue Code to specifically include this carryback provision.
Key provisions
- Allows for a 5-year carryback of the Low-Income Housing Tax Credit.
- Modifies Section 39(a)(3) of the Internal Revenue Code.
- Reorders credits within the tax code to prioritize the LIHTC.
- Applies to taxable years beginning after the bill’s enactment.
Who is affected
- Developers of affordable housing projects
- Low-income housing providers
- Taxpayers
- Housing finance organizations
Notable changes
- Creates a new mechanism for utilizing existing tax credits.
- Provides a short-term financial benefit to developers.
- Potentially increases the supply of affordable housing.
Bill text
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Sponsors
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3 on record
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