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United States · Bill · S

S. 487 (103rd)

A bill to amend the Internal Revenue Code of 1986 to permanently extend and modify the low-income housing tax credit.

referredUnited States· United States Congress· EN

Introduced

3 March 1993

Last action

3 March 1993 · Introduced

Status

Read twice and referred to the Committee on Finance.

Sponsors

Sen. Mitchell, George J. [D-ME], Sen. Danforth, John C. [R-MO], Sen. Conrad, Kent [D-ND], Sen. Sarbanes, Paul S. [D-MD], Sen. Moseley-Braun, Carol [D-IL], Sen. Leahy, Patrick J. [D-VT], Sen. Glenn, John H., Jr. [D-OH], Sen. Pressler, Larry [R-SD], Sen. Bond, Christopher S. [R-MO], Sen. Daschle, Thomas A. [D-SD], Sen. Baucus, Max [D-MT], Sen. Faircloth, Lauch [R-NC], Sen. Pell, Claiborne [D-RI], Sen. Jeffords, James M. [I-VT], Sen. Heflin, Howell [D-AL], Sen. Shelby, Richard C. [R-AL], Sen. Kerrey, J. Robert [D-NE], Sen. Lautenberg, Frank R. [D-NJ], Sen. Reid, Harry [D-NV], Sen. Kennedy, Edward M. [D-MA], Sen. Lieberman, Joseph I. [ID-CT], Sen. Kohl, Herb [D-WI], Sen. Harkin, Tom [D-IA], Sen. Feinstein, Dianne [D-CA], Sen. Bumpers, Dale [D-AR], Sen. Levin, Carl [D-MI], Sen. Riegle, Donald W., Jr. [D-MI], Sen. Hollings, Ernest F. [D-SC], Sen. Akaka, Daniel K. [D-HI], Sen. Mikulski, Barbara A. [D-MD], Sen. Hatch, Orrin G. [R-UT], Sen. Wofford, Harris [D-PA], Sen. Pryor, David H. [D-AR], Sen. Sasser, Jim [D-TN], Sen. Kerry, John F. [D-MA], Sen. Smith, Bob [R-NH], Sen. Specter, Arlen [R-PA], Sen. Bryan, Richard H. [D-NV], Sen. Boxer, Barbara [D-CA], Sen. Lott, Trent [R-MS], Sen. Inouye, Daniel K. [D-HI], Sen. Chafee, John H. [R-RI], Sen. Murray, Patty [D-WA], Sen. Gorton, Slade [R-WA], Sen. Rockefeller, John D., IV [D-WV], Sen. Wellstone, Paul D. [D-MN], Sen. Helms, Jesse [R-NC], Sen. Graham, Bob [D-FL]

Subjects

Housing, Taxation

Source updated

14 January 2025

Housing · Taxation

Official sourceDownload fileView documentsShare

Summary

Amends the Internal Revenue Code to make the low-income housing credit permanent. Modifies provisions concerning unused housing credit carryovers by States to allow States to carry over more unused credits from year to year. Provides that a unit shall not fail to be treated as low-income because it is occupied by students or persons enrolled in job training programs under the Job Training Partnership Act. Authorizes the Secretary of the Treasury to waive: (1) any recapture of credit (required to be included in tax) in the case of any de minimis error in complying with tests for qualified low-income housing projects; or (2) any annual recertification of tenant income if the entire building is occupied by low-income tenants. Determines the adjusted basis of any building (for purposes of the low-income housing credit) by taking into account the adjusted basis of the property used in community activity facilities if: (1) such facilities are designed to serve individuals meeting income requirements for the housing project; and (2) not more than 20 percent of the aggregate eligible basis of all buildings in the project is attributable to the aggregate basis of such facilities. Applies at-risk rules to low-income housing credit property that also qualifies for the historic site rehabilitation credit and to qualified lenders. Adds conditions prohibiting discrimination against Section 8 tenants for purposes of meeting extended low-income housing commitments required to receive credits.

This text is taken from the official record. PoliticalRepo does not editorialize.

Timeline

  1. 3 March 1993

    Introduced

    Read twice and referred to the Committee on Finance.

    Source: IntroReferral

  2. 3 March 1993

    Introduced

    Sponsor introductory remarks on measure. (CR S2315)

    Source: IntroReferral

  3. 3 March 1993

    Introduced

    Introduced in Senate

    Source: IntroReferral

Votes

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Versions

Documents

3 official files

Introduced in Senate (text)

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  • Introduced in Senate (text)

    Introduced in Senate · EN · 3 March 1993

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  • Introduced in Senate (PDF)

    Introduced in Senate · EN · 3 March 1993

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  • Introduced in Senate

    summary · EN · 3 March 1993

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Sponsors

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Related records

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Sources

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