118th Congress Taxation
S. 1557: Affordable Housing Credit Improvement Act of 2023
Introduced
- Introduced (completed)
- Passed Senate (not reached)
- Passed House (not reached)
- To the President (not reached)
- Became law (not reached)
Summary
This bill revises provisions of the low-income housing tax credit and renames it as the affordable housing tax credit.
The bill increases the per capita dollar amount of the credit and its minimum ceiling amount beginning in 2023 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.
Read the full summary
The bill further modifies the credit to
- increase state allocations of the credit;
- repeal the qualified census tract population cap;
- prohibit consideration of local approval and local government contribution requirements for housing projects;
- 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, tax-exempt bond financing, and foreclosures.
Written by the Congressional Research Service, Library of Congress.
Roll calls
No roll call votes have been held on this bill.
Amendments
No amendments were offered to this bill.
Cosponsors
- Marsha Blackburn R-TNOriginal
- Ron Wyden D-OROriginal
- Todd Young R-INOriginal
- Benjamin Cardin D-MD
- Susan Collins R-ME
- Kevin Cramer R-ND
- Margaret Hassan D-NH
- Robert Menendez D-NJ
- Jerry Moran R-KS
- Lisa Murkowski R-AK
- Roger Marshall R-KS
- Sheldon Whitehouse D-RI
- Mark Warner D-VA
- Bill Cassidy R-LA
- Angus King I-ME
- Mike Rounds R-SD
- Debbie Stabenow D-MI
- Shelley Capito R-WV
- Martin Heinrich D-NM
- Michael Bennet D-CO
- Thomas Carper D-DE
- Dan Sullivan R-AK
- Thom Tillis R-NC
- Ted Budd R-NC
- Catherine Cortez Masto D-NV
- Katie Britt R-AL
- Robert Casey D-PA
- Sherrod Brown D-OH
- John Boozman R-AR
- Cindy Hyde-Smith R-MS
- Mark Kelly D-AZ
- Alejandro Padilla D-CA
- Roger Wicker R-MS
- Laphonza Butler D-CA
Who scored on this bill
- 1Maria Cantwell SponsorDrew cross-party cosponsors, introduced, reached a cosponsor milestone3 events+12
See all scorers and every scoring event
Introductions and cosponsorships count toward weekly caps and show no points.
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History
- Introduced in the Senate by Maria Cantwell.
Show the full action history (4 actions)
- Committee on Banking, Housing, and Urban Affairs Subcommittee on Housing, Transportation, and Community Development. Hearings held. With printed Hearing: S.Hrg. 118-555.
- Committee on Banking, Housing, and Urban Affairs. Hearings held. Hearings printed: S.Hrg. 118-548.
- Introduced in Senate
- Read twice and referred to the Committee on Finance.