Bill > HR308

This bill aims to provide tax incentives for rental housing for members of the Armed Forces by making two key changes to the Internal Revenue Code. First, the bill prevents military basic housing allowances (a financial benefit provided to service members to help cover housing costs) from being counted as income when determining eligibility for low-income housing tax credits and tax-exempt bonds for residential rental projects. This means military personnel will have a better chance of qualifying for affordable housing, as their housing allowance won't be considered part of their income calculation. Second, the bill creates a new tax incentive for low-income housing projects located within 15 miles of a "large military installation" (defined as a military base with a total plant replacement value exceeding $2.833 billion) by treating these housing developments as being in a "difficult development area," which typically provides enhanced tax credits. The bill explicitly states that these housing projects are not required to be occupied exclusively by military members. Congress also notes that this act is part of a broader effort to address affordable housing challenges, and they suggest that additional steps, such as the Affordable Housing Credit Improvement Act of 2023, should be considered to further expand housing investment and supply in the United States.

Budget and Finance

https://www.congress.gov/bill/119th-congress/house-bill/308/all-info