Bill > S3436

This bill would amend the Internal Revenue Code to create a new middle-income housing tax credit. The key provisions include: - Establishing a new tax credit for the construction and rehabilitation of rental housing projects where at least 60% of the units are occupied by individuals with incomes at or below 100% of the area median income, and at least 20% of the units are not already eligible for the low-income housing tax credit. - Setting parameters for calculating the credit amount, eligible basis, and qualified middle-income buildings, including rules related to the applicable percentage, qualified basis, and rehabilitation expenditures. - Placing limits on the total credit amount that can be allocated by state housing credit agencies, requiring an allocation plan that prioritizes certain project types, and prohibiting the agencies from allocating more credit than necessary to make projects financially feasible. - Allowing the credit to be claimed over a 15-year period and including various other rules and definitions related to claiming and administering the credit.