Affordable Housing Credit Improvement Act of 2016

Summary

Affordable Housing Credit Improvement Act of 2016 This bill amends the Internal Revenue Code, with respect to the low-income housing credit, to rename the credit "the affordable housing credit" and make several modifications to the credit. The bill increases state allocations for the credit and modifies the cost-of-living adjustments. It also revises tenant eligibility requirements, with respect to: the average income test, income eligibility for rural projects, increased tenant income, student occupancy rules, and tenant voucher payments that are taken into account as rent. The bill revises various requirements to: establish a 4% minimum credit rate for certain projects, permit relocation costs to be taken into account as rehabilitation expenditures, repeal the qualified census tract population cap, require state housing credit agencies to make certain determinations regarding community revitalization plans, prohibit local approval and contribution requirements, increase the credit for certain projects designated to serve extremely low-income households, increase the credit for certain bond-financed projects designated by state agencies, and eliminate the basis reduction for low-income housing properties that receive certain energy-related tax credits and deductions. The bill also modifies requirements regarding the reconstruction or replacement period after a casualty loss, rights related to building purchases, the prohibition on claiming acquisition credits for properties placed in service in the previous 10 years, and projects that assist Native Americans.

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Timeline

1. 14 July 2016

   Introduced

   Read twice and referred to the Committee on Finance.

   Source: IntroReferral

2. 14 July 2016

   Introduced

   Introduced in Senate

   Source: IntroReferral

Votes

No vote records are attached yet.

Versions

• Introduced in Senate · 14 July 2016 · Download file

Documents

3 official files

• Introduced in Senate (text)

  Introduced in Senate · EN · 14 July 2016

  ViewDownloadOpen at official source

• Introduced in Senate (PDF)

  Introduced in Senate · EN · 14 July 2016

  ViewDownloadOpen at official source

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• Introduced in Senate

  summary · EN · 14 July 2016

  Open at official source

  Leesvertaling

  Vertaal dit document naar jouw taal. PoliticalRepo bewaart geen aparte kopie per EU-taal.

  Vertaal naarNL · DutchDE · GermanFR · FrenchES · SpanishIT · ItalianPL · PolishPT · PortugueseSV · SwedishDA · DanishFI · FinnishEL · GreekCS · CzechHU · HungarianRO · RomanianBG · BulgarianHR · CroatianSK · SlovakSL · SlovenianLT · LithuanianLV · LatvianET · EstonianGA · IrishMT · Maltese

  Vertaal document

  Documentvertaling op verzoek met downloadbare PDF (logo + link naar de officiële bron). Het bronbestand blijft leidend.

Sponsors

• Sen. Cantwell, Maria [D-WA] · D · Sponsor
• Sen. Hatch, Orrin G. [R-UT] · R · Sponsor
• Sen. Wyden, Ron [D-OR] · D · Sponsor
• Sen. Ayotte, Kelly [R-NH] · R · Cosponsor
• Sen. Klobuchar, Amy [D-MN] · D · Cosponsor
• Sen. Cassidy, Bill [R-LA] · R · Cosponsor
• Sen. Heller, Dean [R-NV] · R · Cosponsor
• Sen. Booker, Cory A. [D-NJ] · D · Cosponsor
• Sen. Schatz, Brian [D-HI] · D · Cosponsor
• Sen. Murkowski, Lisa [R-AK] · R · Cosponsor
• Sen. Bennet, Michael F. [D-CO] · D · Cosponsor
• · ssfi00 · Standing

Related records

• related to → Affordable Housing Credit Improvement Act of 2016