118 HR 8900 IH: Keep Housing Affordable Act of 2024 U.S. House of Representatives 2024-06-28 text/xml EN Pursuant to Title 17 Section 105 of the United States Code, this file is not subject to copyright protection and is in the public domain.

I118th CONGRESS2d SessionH. R. 8900IN THE HOUSE OF REPRESENTATIVESJune 28, 2024Mr. Nickel introduced the following bill; which was referred to the Committee on Ways and MeansA BILLTo amend the Internal Revenue Code of 1986 to allow taxpayers to extend the compliance period of the low-income housing credit to receive additional credits.

1.

Short title

This Act may be cited as the Keep Housing Affordable Act of 2024.

2.

Election to extend compliance period of low-income housing credit

(a)

In general

Section 42(f) of the Internal Revenue Code of 1986 is amended by adding at the end the following new paragraph:(6)

Election to extend compliance period

(A)

In general

A taxpayer may elect, in the first taxable year following the end of the compliance period with respect to a building, to apply subsection (i)(1) by—(i)substituting 50 taxable years beginning with the 1st taxable year after an election is made with respect to such building under subsection (f)(6)(A) for 15 taxable years beginning with the 1st taxable year of the credit period, or(ii)substituting 30 taxable years beginning with the 1st taxable year after an election is made with respect to such building under subsection (f)(6)(A) for 15 taxable years beginning with the 1st taxable year of the credit period.(B)

Credit period after election

In the case of a building with respect to which an election is made under subparagraph (A), the term credit period shall include the 15-year period beginning on the first day of the first taxable year with respect to which such election is made.(C)

Limitation

A taxpayer may not make an election under subparagraph (A) with respect to a building with respect to which an election has been made under clause (ii) of such subparagraph in any preceding taxable year.(D)

Treated as placed in service

For purposes of this section, a building with respect to which a taxpayer makes an election under subparagraph (A) shall be treated as being placed in service on the date on which such election is made..(b)

Inclusion in selection criteria

Section 42(m)(1)(C) of such Code is amended by striking and at the end of clause (ix), by striking the period at the end of clause (x) and inserting , and, and by adding at the end the following new clause:(xi)projects with respect to which an election has been made under subsection (f)(6)(A)..(c)

Exception from private activity bonds volume cap

Section 146(g) of such Code is amended by striking and at the end of paragraph (5), by striking the period at the end of paragraph (6), and by inserting after paragraph (6) the following new paragraph:(7)any bond used to refinance a qualified low-income building (as defined in section 42(c)) during the compliance period of such building if such compliance period was extended at the election of the taxpayer under section 42(f)(6)(A)..(d)

Effective date

The amendment made by this section shall apply to buildings placed in service after the date of the enactment of this Act.