summary
Introduced
06/25/2020
06/25/2020
In Committee
06/25/2020
06/25/2020
Crossed Over
Passed
Dead
12/31/2020
12/31/2020
Introduced Session
116th Congress
Bill Summary
A BILL To amend the Internal Revenue Code of 1986 to improve the low-income housing credit and provide relief relating to the coronavirus emergency, and for other purposes. 1
AI Summary
This bill, the Emergency Affordable Housing Act of 2020, seeks to amend the Internal Revenue Code to improve the low-income housing credit and provide relief relating to the coronavirus emergency. Key provisions include extending the period for rehabilitation expenditures and basis expenditure deadlines, establishing a minimum credit rate, increasing state allocations, providing an increased credit for projects serving extremely low-income households, including Indian areas and rural areas as difficult development areas, repealing the qualified contract option, prohibiting local approval and contribution requirements, allowing a temporary credit increase for certain buildings affected by COVID-19, and creating a new tax credit for contributions to low-income housing supportive services.
Committee Categories
Budget and Finance
Sponsors (6)
Ron Wyden (D)*,
Michael Bennet (D),
Sherrod Brown (D),
Maria Cantwell (D),
Ben Cardin (D),
Bob Menendez (D),
Last Action
Read twice and referred to the Committee on Finance. (on 06/25/2020)
Official Document
bill text
bill summary
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bill summary
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bill summary
| Document Type | Source Location |
|---|---|
| State Bill Page | https://www.congress.gov/bill/116th-congress/senate-bill/4078/all-info |
| BillText | https://www.congress.gov/116/bills/s4078/BILLS-116s4078is.pdf |
| Bill | https://www.congress.gov/116/bills/s4078/BILLS-116s4078is.pdf.pdf |
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