Bill > HR3478

This bill, the Affordable HOUSE Act, amends the Internal Revenue Code to modify the low-income housing tax credit basis limitation rules applicable to the acquisition of buildings that have been in service within the previous 10 years. Specifically, it limits the taxpayer's basis attributable to the acquisition of such a building to the lowest amount paid for the building in the 10 years preceding the taxpayer's acquisition, adjusted for inflation, plus the value of any capital improvements made by the previous owner. The bill also modifies the "placed in service" rule to require that the building was not owned by the taxpayer or a related person during the 5-year period prior to the taxpayer's acquisition.