PlainBillCongress, translated.Legislation. Context. Public interest.Read twice and referred to the Committee on Finance.
Congressional Research Service
Version 00 · Introduced in Senate · Mar 3, 1993
Amends the Internal Revenue Code to make the low-income housing credit permanent. Modifies provisions concerning unused housing credit carryovers by States to allow States to carry over more unused credits from year to year. Provides that a unit shall not fail to be treated as low-income because it is occupied by students or persons enrolled in job training programs under the Job Training Partnership Act. Authorizes the Secretary of the Treasury to waive: (1) any recapture of credit (required to be included in tax) in the case of any de minimis error in complying with tests for qualified low-income housing projects; or (2) any annual recertification of tenant income if the entire building is occupied by low-income tenants. Determines the adjusted basis of any building (for purposes of the low-income housing credit) by taking into account the adjusted basis of the property used in community activity facilities if: (1) such facilities are designed to serve individuals meeting income requirements for the housing project; and (2) not more than 20 percent of the aggregate eligible basis of all buildings in the project is attributable to the aggregate basis of such facilities. Applies at-risk rules to low-income housing credit property that also qualifies for the historic site rehabilitation credit and to qualified lenders. Adds conditions prohibiting discrimination against Section 8 tenants for purposes of meeting extended low-income housing commitments required to receive credits.
People & committees
Sen. Mitchell, George J. [D-ME] · D–ME
Legislative record
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Read twice and referred to the Committee on Finance.
Sponsor introductory remarks on measure. (CR S2315)
Introduced in Senate
Primary sources
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Source last updated: Jan 14, 2025. Consult Congress.gov for the current record.
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