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H.R. 6542 - Restoring Tax Credits for Affordable Housing Act

Introduced: 2018-07-26
Bill Status: Referred to the House Committee on Ways and Means.
 
Summary Not Available

Full Text


115th CONGRESS
2d Session
H. R. 6542


    To amend the Internal Revenue Code of 1986 to provide an increase in the low-income housing credit, and for other purposes.


IN THE HOUSE OF REPRESENTATIVES

July 26, 2018

    Mr. Clyburn (for himself and Ms. DelBene) introduced the following bill; which was referred to the Committee on Ways and Means


A BILL

    To amend the Internal Revenue Code of 1986 to provide an increase in the low-income housing credit, and for other purposes.

Be it enacted by the Senate and House of Representatives of the United States of America in Congress assembled,

SECTION 1. Short title.

This Act may be cited as the “Restoring Tax Credits for Affordable Housing Act”.

SEC. 2. Increase in low-income housing credit.

(a) Increase of State housing credit ceiling.—

(1) IN GENERAL.—Section 42(h)(3)(C)(ii) of the Internal Revenue Code of 1986 is amended—

(A) by striking “$1.75” in subclause (I) and inserting “$2.90”, and

(B) by striking “$2,000,000” in subclause (II) and inserting “$3,365,000”.

(2) INFLATION ADJUSTMENT.—Section 42(h)(3)(H) of such Code is amended—

(A) in clause (i)—

(i) by striking “2002, the $2,000,000 and $1.75 amounts” in the matter preceding subclause (I) and inserting “2019, the $3,365,000 and $2.90 amounts”, and

(ii) by striking “2001” in subclause (II) and inserting “2018”, and

(B) in clause (ii)—

(i) by striking “$2,000,000” in subclause (I) and inserting “$3,365,000”, and

(ii) by striking “$1.75” in subclause (II) and inserting “$2.90”.

(3) CONFORMING AMENDMENT.—Section 42(h)(3) of such Code is amended by striking subparagraph (I).

(b) Increase in credit percentage.—

(1) MODIFICATION OF DISCOUNT RATE.—Section 42(b)(1)(C)(ii) of such Code is amended by striking “72 percent of ” and inserting “the sum of 1.5 percentage points plus”.

(2) MODIFICATION OF METHOD OF DISCOUNTING.—Section 42(b)(1)(C)(i) of such Code is amended to read as follows:

“(i) assuming the 10-year period referred to in subparagraph (B) commences no less than 2 years after a housing credit allocation is made under subsection (h),”.

(3) ONE-TIME ADJUSTMENT.—Section 42(b)(1) of such Code is amended by adding at the end the following new subparagraph:

“(D) ONE-TIME ADJUSTMENT.—After applying subparagraphs (A), (B), and (C), the applicable percentage shall be increased by 16 percent.”.

(c) Effective dates.—

(1) INCREASE OF STATE HOUSING CREDIT CEILING.—The amendments made by subsection (a) shall apply to calendar years after 2018.

(2) INCREASE IN CREDIT PERCENTAGE.—The amendments made by subsection (b) shall apply to buildings with respect to which housing credit dollar amounts are allocated after December 31, 2018.


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