Bill
Bill > HR4717
US HR4717
US HR4717To amend the Internal Revenue Code of 1986 to make permanent and expand the temporary minimum credit rate for the low-income housing tax credit program.
summary
Introduced
05/22/2014
05/22/2014
In Committee
05/22/2014
05/22/2014
Crossed Over
Passed
Dead
01/03/2015
01/03/2015
Introduced Session
113th Congress
Bill Summary
To amend the Internal Revenue Code of 1986 to make permanent and expand the temporary minimum credit rate for the low-income housing tax credit program.
AI Summary
This bill aims to strengthen the Low-Income Housing Tax Credit (LIHTC) program by making permanent and expanding a temporary minimum credit rate. The LIHTC program is a crucial federal tool that provides tax incentives to encourage the development and rehabilitation of affordable rental housing for low-income individuals and families. Specifically, this legislation will remove a sunset date for the minimum credit rate applied to new buildings, ensuring this incentive remains in place indefinitely. Furthermore, it introduces a new provision that guarantees a minimum credit rate of 4% for existing buildings that are not receiving federal subsidies, thereby encouraging the preservation and improvement of existing affordable housing stock. These changes are intended to provide greater certainty and enhance the effectiveness of the LIHTC program in addressing the nation's affordable housing needs, with the amendments taking effect for buildings placed in service after December 31, 2013.
Committee Categories
Budget and Finance
Sponsors (70)
Patrick Tiberi (R)*,
Joyce Beatty (D),
Earl Blumenauer (D),
Charles Boustany (R),
Vern Buchanan (R),
Cheri Bustos (D),
G. Butterfield (D),
David Cicilline (D),
Mike Coffman (R),
Joseph Crowley (WFP),
Elijah Cummings (D),
Steve Daines (R),
Danny Davis (D),
Rodney Davis (R),
Suzan DelBene (D),
Keith Ellison (D),
William Enyart (D),
Bill Foster (D),
Jim Gerlach (R),
Bob Gibbs (R),
Tim Griffin (R),
Brett Guthrie (R),
Vicky Hartzler (R),
Denny Heck (D),
Randy Hultgren (R),
Steve Israel (D),
Lynn Jenkins (R),
Bill Johnson (R),
Mike Kelly (R),
Derek Kilmer (D),
Ron Kind (D),
John Kline (R),
Ann Kuster (D),
James Langevin (D),
John Larson (D),
Zoe Lofgren (D),
Blaine Luetkemeyer (R),
Stephen Lynch (D),
Daniel Maffei (D),
Kenny Marchant (R),
Betty McCollum (D),
Jim McDermott (D),
Luke Messer (R),
Michael Michaud (D),
Richard Neal (D),
Richard Nolan (D),
Devin Nunes (R),
Bill Pascrell (D),
Erik Paulsen (R),
Gary Peters (D),
Mike Quigley (D),
Charles Rangel (D),
Tom Reed (R),
David Reichert (R),
James Renacci (R),
Bobby Rush (D),
Linda Sánchez (D),
Jan Schakowsky (D),
Brad Schneider (D),
Aaron Schock (R),
John Shimkus (R),
Adam Smith (D),
Jason Smith (R),
Lee Terry (R),
Mike Thompson (D),
Mike Turner (R),
Ann Wagner (R),
Tim Walberg (R),
Peter Welch (D),
Todd Young (R),
Last Action
Referred to the House Committee on Ways and Means. (on 05/22/2014)
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/113th-congress/house-bill/4717/all-info |
| BillText | http://gpo.gov/fdsys/pkg/BILLS-113hr4717ih/pdf/BILLS-113hr4717ih.pdf |
| Bill | http://gpo.gov/fdsys/pkg/BILLS-113hr4717ih/pdf/BILLS-113hr4717ih.pdf.pdf |
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