Title: Missed Opportunities in Low Income Housing Act of 2017
Policy area: Taxation

Summary:
Missed Opportunities in Low Income Housing Act of 2017
This bill requires the Internal Revenue Service to report annually to Congress on applications for tax credits under the low-income housing tax credit program that, in the preceding fiscal year, were approved but not allocated credits.

[Congressional Bills 115th Congress]
[From the U.S. Government Publishing Office]
[H.R. 4358 Introduced in House (IH)]

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115th CONGRESS
  1st Session
                                H. R. 4358

     To require the Commissioner of Internal Revenue to report on 
 applications for tax credits under the low-income housing tax credit 
   program that, in the preceding fiscal year, were approved but not 
                               allocated.


_______________________________________________________________________


                    IN THE HOUSE OF REPRESENTATIVES

                            November 9, 2017

Mr. Lewis of Georgia introduced the following bill; which was referred 
                   to the Committee on Ways and Means

_______________________________________________________________________

                                 A BILL


 
     To require the Commissioner of Internal Revenue to report on 
 applications for tax credits under the low-income housing tax credit 
   program that, in the preceding fiscal year, were approved but not 
                               allocated.

    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 ``Missed Opportunities in Low Income 
Housing Act of 2017''.

SEC. 2. REPORT ON APPLICATIONS FOR LOW-INCOME HOUSING TAX CREDIT 
              PROGRAM THAT WERE APPROVED BUT NOT ALLOCATED.

    (a) In General.--Not later than December 31 of each fiscal year, 
the Commissioner of the Internal Revenue Service shall submit a report 
to the Congress on applications for tax credits under the low-income 
housing tax credit program that, in the preceding fiscal year, were 
approved but not allocated credits.
    (b) Contents.--Each report required by subsection (a) shall specify 
each of the following:
            (1) The number of applications for tax credits under the 
        low-income housing tax credit program that were approved by 
        State Housing Finance Agencies but not allocated credits.
            (2) The total number of apartment buildings, apartment 
        units, single family dwellings, duplexes, and townhouses 
        proposed in applications that were approved by State Housing 
        Finance Agencies but did not receive an allocation of low-
        income housing tax credit program credits.
            (3) The total number of people who could have taken 
        residency in units proposed by approved applications that did 
        not receive tax credits.
    (c) Definitions.--In this Act:
            (1) The term ``low-income housing tax credit program'' 
        means the low-income housing tax credit program as authorized 
        under section 252 of the Tax Reform Act of 1986 to provide an 
        incentive for the development and rehabilitation of affordable 
        rental housing.
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