3.0.0 2689 2023-01-14T22:48:27Z 2023-01-14T22:48:27Z Senate S S 2004-07-20 108 ssfi00 Finance Committee Senate Standing Referred to 2004-07-20T14:58:55Z To amend the Internal Revenue Code of 1986 to replace the recapture bond provisions of the low income housing tax credit program. 108 3610 HR 2003-11-22 Sponsor introductory remarks on measure. (CR E2409-2410) Identical bill CRS 2004-07-20 ssfi00 Finance Committee Senate Read twice and referred to the Committee on Finance. (text of measure as introduced: CR S8476-8477) IntroReferral 2004-07-20 Sponsor introductory remarks on measure. (CR S8475-8476) IntroReferral B00100 9 Library of Congress 2004-07-20 Introduced in Senate IntroReferral 10000 9 Library of Congress L000035 Sen. Lincoln, Blanche L. [D-AR] BLANCHE LINCOLN D AR LAMBERT N Taxation Commerce Finance and Financial Sector Government Operations and Politics Government paperwork Housing and Community Development Income tax Limitation of actions Low-income housing Social Welfare Surety and fidelity Tax credits Tax penalties Tax returns Taxation 00 2004-07-20 Introduced in Senate 2004-08-21T16:49:24Z Amends the Internal Revenue Code to repeal provisions of the low income housing tax credit requiring a bond to cover recapture amounts from the disposition, prior to a 15-year compliance period, of a building (or interest therein) eligible for the credit. Provides for a three-year statute of limitation (from the end of the compliance period) for assessing a recapture deficiency.

Requires owners of buildings eligible for the low income housing tax credit to file informational returns with the Secretary of the Treasury upon the occurrence of a recapture event and to provide persons who are named in such returns with specified information. Imposes penalties for failure to file required returns.

]]> A bill to amend the Internal Revenue Code of 1986 to replace the recapture bond provisions of the low income housing tax credit program. Display Title A bill to amend the Internal Revenue Code of 1986 to replace the recapture bond provisions of the low income housing tax credit program. Official Title as Introduced A bill to amend the Internal Revenue Code of 1986 to replace the recapture bond provisions of the low income housing tax credit program. Introduced in Senate IS Introduced in Senate 2004-07-20T04:00:00Z 2004-07-20 Read twice and referred to the Committee on Finance. (text of measure as introduced: CR S8476-8477) 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. Congressional Research Service, Library of Congress This file contains bill summaries and statuses for federal legislation. A bill summary describes the most significant provisions of a piece of legislation and details the effects the legislative text may have on current law and federal programs. Bill summaries are authored by the Congressional Research Service (CRS) of the Library of Congress. As stated in Public Law 91-510 (2 USC 166 (d)(6)), one of the duties of CRS is "to prepare summaries and digests of bills and resolutions of a public general nature introduced in the Senate or House of Representatives". For more information, refer to the User Guide that accompanies this file.