PlainBillCongress, translated.Legislation. Context. Public interest.Referred to the House Committee on Ways and Means.
Congressional Research Service
Version 00 · Introduced in House · Mar 2, 2006
Amends the Internal Revenue Code to: (1) rename the low-income housing tax credit as the affordable housing credit; (2) revise the applicable percentage rates for the credit; (3) increase the credit for low-income buildings that are part of state-designated projects; (4) allow the credit for buildings eligible for moderate rehabilitation assistance under the U.S. Housing Act of 1937; (5) repeal certain repayment requirements for qualified mortgage revenue bond issues; (6) qualify displaced homemakers, single parents, and certain disaster victims for mortgage revenue bond-financed first-time home loans; (7) repeal rules requiring recapture of income from sales of low-income buildings that are reasonably expected to be operated on a low-income basis; (8) impose recapture reporting requirements on owners of qualified low-income buildings eligible for housing credits; (9) exempt affordable housing tax credit amounts from the alternative minimum tax; and (10) exempt interest on certain exempt private activity bonds, qualified mortgage revenue bonds, qualified veterans' mortgage bonds, and certain exempt facility bonds used for residential rental projects from the alternative minimum tax.
People & committees
Rep. Ramstad, Jim [R-MN-3] · R–MN
Legislative record
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Referred to the House Committee on Ways and Means.
Introduced in House
Introduced in House
Primary sources
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Source last updated: Jan 2, 2025. Consult Congress.gov for the current record.
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