Bill > HR3540

This bill proposes to eliminate the Low-Income Housing Tax Credit (LIHTC), which is a key federal program that provides tax incentives for developers to create affordable housing for low-income Americans. Specifically, the bill would amend Section 42 of the Internal Revenue Code to prevent any new low-income housing tax credits from being issued for buildings placed in service after the date of the bill's enactment. The LIHTC has been an important tool for encouraging private investment in affordable housing development since its creation in 1986, allowing developers to claim tax credits for constructing or rehabilitating rental housing for low-income tenants. By sunsetting this credit, the bill would effectively halt the creation of new affordable housing projects that rely on this tax incentive, potentially reducing the availability of affordable housing across the United States.

Budget and Finance

https://www.congress.gov/bill/119th-congress/house-bill/3540/all-info