Bill Sponsor
Senate Bill 1136
117th Congress(2021-2022)
Affordable Housing Credit Improvement Act of 2021
Introduced
Introduced
Introduced in Senate on Apr 15, 2021
Overview
Text
Introduced
Apr 15, 2021
Latest Action
Apr 15, 2021
Origin Chamber
Senate
Type
Bill
Bill
The primary form of legislative measure used to propose law. Depending on the chamber of origin, bills begin with a designation of either H.R. or S. Joint resolution is another form of legislative measure used to propose law.
Bill Number
1136
Congress
117
Policy Area
Taxation
Taxation
Primary focus of measure is all aspects of income, excise, property, inheritance, and employment taxes; tax administration and collection. Measures concerning state and local finance may fall under Economics and Public Finance policy area.
Sponsorship by Party
Senate Votes (0)
House Votes (0)
No Senate votes have been held for this bill.
Summary

Affordable Housing Credit Improvement Act of 2021

This bill revises provisions of the low-income housing tax credit and renames it as the affordable housing credit.

The bill increases the per capita dollar amount of the credit and its minimum ceiling amount beginning in 2021 and extends the inflation adjustment for such amounts.

The bill modifies tenant income eligibility requirements and the average income formula for determining such income. It also revises rules for student occupancy of rental units and tenant voucher payments, and prohibits any refusal to rent to victims of domestic abuse.

The bill further modifies the credit to

  • increase state allocations of the credit;
  • repeal the qualified census tract population cap;
  • 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;
  • eliminate the basis reduction for properties that receive certain energy-related tax benefits; and
  • increase the population cap for difficult development areas (i.e., areas with high construction, land, and utility costs relative to area median gross income).

The bill also includes Indian and rural areas as difficult development areas and modifies other requirements relating to casualty losses, acquisition credits, and foreclosures.

Text (1)
April 15, 2021
Actions (2)
04/15/2021
Read twice and referred to the Committee on Finance.
04/15/2021
Introduced in Senate
Public Record
Record Updated
Jan 11, 2023 1:49:21 PM