S 2962
114th Congress
Senate
Taxation
Income tax credits
Inflation and prices
Low- and moderate-income housing
Affordable Housing Credit Improvement Act of 2016
Everywhere this bill has been
2 steps
Introduced
In committee
Reported out
Passed House
Passed Senate
To President
Became law
May 19, 2016
Read twice and referred to the Committee on Finance.
May 19, 2016
Introduced in Senate
Plain-English summary
Affordable Housing Credit Improvement Act of 2016
This bill amends the Internal Revenue Code, with respect to the low-income housing tax credit, to: (1) expand the credit by increasing the state housing credit ceiling, (2) modify the cost-of-living adjustment required for the state housing credit ceiling, (3) establish a new average income test which may be used to determine if a low-income housing project qualifies for the credit, and (4) establish a minimum credit rate of 4% for certain new or existing buildings.
What's happening now
Read twice and referred to the Committee on Finance.
Committees of jurisdiction
1