A bill to amend the Internal Revenue Code of 1986 to make permanent and expand the temporary minimum credit rate for the low-income housing tax credit program.

Bill: 114-s-1193
Sponsor: full_name: Sen. Cantwell, Maria [D-WA]
Introduced: 2015-05-05
Policy area: Taxation
Subjects: Income tax credits

Low- and moderate-income housing

Real estate business
Latest action: action_date: 2015-05-05
text: Read twice and referred to the Committee on Finance.

Summaries:
action_date: 2015-05-05
action_desc: Introduced in Senate
text: <p>Amends the Internal Revenue Code, with respect to the low-income housing tax credit, to make permanent the minimum 9% credit rate for new buildings that are not federally-subsidized and to establish a minimum 4% credit rate for existing buildings that are not federally-subsidized. </p>

tv_txt: II 114th CONGRESS 1st Session S. 1193 IN THE SENATE OF THE UNITED STATES May 5, 2015 Ms. Cantwell (for herself, Mr. Roberts , Mr. Crapo , Mr. Franken , Ms. Warren , Mr. Menendez , Mr. Whitehouse , Mr. Schumer , Mrs. Shaheen , Ms. Hirono , Mrs. Gillibrand , Mr. Cardin , Mr. Leahy , Ms. Klobuchar , Mrs. Boxer , Mr. King , Mr. Booker , Mrs. Murray , Mr. Blumenthal , Mrs. Feinstein , Mr. Sanders , and Ms. Stabenow ) introduced the following bill; which was read twice and referred to the Committee on Finance A BILL To amend the Internal Revenue Code of 1986 to make permanent and expand the temporary minimum credit rate for the low-income housing tax credit program.

1. Temporary minimum credit rate for the low-income housing tax credit program made permanent and expanded (a) Minimum credit amount for new buildings made permanent Subparagraph (A) of section 42(b)(2) of the Internal Revenue Code of 1986 is amended by striking with respect to housing credit dollar amount allocations made before January 1, 2015 . (b) Minimum credit for existing buildings Subsection (b) of section 42 of such Code is amended by redesignating paragraph (3) as paragraph (4) and by inserting after paragraph (2) the following new paragraph: (3) Minimum credit for existing buildings In the case of any existing building— (A) which is placed in service by the taxpayer after the date of the enactment of this paragraph, and (B) which is not federally subsidized for the taxable year, the applicable percentage shall not be less than 4 percent. . (c) Conforming amendment Section 42(b)(2) of such Code is amended by striking Temporary minimum and inserting Minimum . (d) Effective date The amendments made by this section shall apply to buildings placed in service after December 31, 2014.