House Bill 1661
115th Congress(2017-2018)
Affordable Housing Credit Improvement Act of 2017
Introduced
Introduced in House on Mar 21, 2017
Origin Chamber
House
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
1661
Congress
115
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.
No House votes have been held for this bill.
Summary
Affordable Housing Credit Improvement Act of 2017
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 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 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,
- increase the population cap for difficult development areas, and
- eliminate the basis reduction for a property that receives the tax credit for investments in energy property if the affordable housing credit is allowed for the property.
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, foreclosures, and projects that assist Native Americans.
March 21, 2017
01/16/2018
ASSUMING FIRST SPONSORSHIP - Mr. Curbelo asked unanimous consent that he may hereafter be considered as the first sponsor of H.R. 1661, a bill originally introduced by Representative Tiberi, for the purpose of adding cosponsors and requesting reprintings pursuant to clause 7 of rule XII. Agreed to without objection.
03/21/2017
Referred to the House Committee on Ways and Means.
03/21/2017
Introduced in House
Public Record
Record Updated
Jan 11, 2023 1:35:33 PM