S. 3237 · 114th Congress
Affordable Housing Credit Improvement Act of 2016
Key: what the circles and colors mean
Each circle is a bill. The ring fills as it moves through Congress:
Under the number: the Yea · Nay count of its final (or latest) recorded vote. On a member's page, the small badge is how that member voted: Y Yea / Aye, N Nay / No, P Present, – Not voting.
Gold and violet are only for Yea and Nay; they never mean a party. A member's party is the letter on their photo.
Never voted on. It didn't reach a floor vote before the 114th Congress ended, so it expired. A bill has to be introduced again to be considered in a new Congress.
D
CantwellSponsor10 cosponsors · 5 D, 5 R
R
Hatch
RW
D
Wyden
KA
R
Ayotte
AK
D
Klobuchar
BC
R
Cassidy
CB
D
Booker
DH
R
Heller
LM
R
Murkowski
BS
D
Schatz
MB
D
Bennet2 signed on when it was introduced; the rest joined later. Cosponsors who withdrew aren't shown.
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.
What it does: CRS summary · Introduced in Senate · Jul 14, 2016
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.
Written by the nonpartisan Congressional Research Service. All summary versions on Congress.gov
About this bill and sources
Official title: Affordable Housing Credit Improvement Act of 2016
Latest action (Jul 14, 2016): Read twice and referred to the Committee on Finance.
Policy area: Taxation · Origin: Senate · Introduced: Jul 14, 2016
Official page on Congress.gov · Bill text (GovInfo) · Status record (XML)
No recorded floor vote found.