Affordable Housing Credit Carryback Act
Affordable Housing: Tax Credit Carryback
This bill is currently in the early stages of the legislative process and is being reviewed by the House Committee on Ways and Means. No further actions are scheduled at this time. It is considered active but has not yet moved to a vote.
Legislative Progress
This bill has support from both parties and addresses a major housing shortage, but standalone tax bills often have a hard time passing without being added to a larger package.
Key Points
- This bill changes tax rules for companies that build affordable apartments. It allows them to use the Low-Income Housing Tax Credit to get refunds for taxes they paid up to five years in the past.
- Currently, these credits are mostly used to lower future tax bills. By allowing a five-year look-back, developers can get cash right away to help pay for new building projects or keep current ones going.
- The goal is to create more housing for people with lower incomes. Making it easier for builders to get this money can help speed up construction and lower the risk of projects failing due to high costs.
- This is a bipartisan plan supported by both Republicans and Democrats. It has been sent to the House Ways and Means Committee, which handles all tax-related laws in the House of Representatives.
Impact Analysis
Govbase has not yet run an impact analysis on this legislation.
Milestones
Referred to the House Committee on Ways and Means.
Introduced in House
The bill was officially filed and given a number. It now enters the legislative queue.
Votes
No votes have been recorded for this legislation yet.
News
No related news coverage found for this legislation yet.
Source Information
Document Type
Congressional Bill
Official Title
Affordable Housing Credit Carryback Act
Data Sources
Sponsor
Cosponsors
(1)Analysis generated by AI. Always verify with official sources.