3.0.0 2666 2019-11-15T21:57:47Z 2019-11-15T21:57:47Z Senate S S 2008-02-25 110 ssfi00 Finance Committee Senate Standing Referred to 2008-02-26T00:27:09Z 2008-02-25 ssfi00 Finance Committee Senate Read twice and referred to the Committee on Finance. (text of measure as introduced: CR S1140-1142) IntroReferral 2008-02-25 Sponsor introductory remarks on measure. (CR S1139-1140) IntroReferral B00100 9 Library of Congress 2008-02-25 Introduced in Senate IntroReferral 10000 9 Library of Congress C000127 Sen. Cantwell, Maria [D-WA] Maria Cantwell D WA N S001142 Sen. Smith, Gordon H. [R-OR] GORDON SMITH R OR H. 2008-02-25 True K000148 Sen. Kerry, John F. [D-MA] JOHN KERRY D MA FORBES 2008-02-25 True C001057 Sen. Coleman, Norm [R-MN] Norm Coleman R MN 2008-02-25 True S001163 Sen. Salazar, Ken [D-CO] Ken Salazar D CO 2008-02-25 True S001078 Sen. Sununu, John E. [R-NH] John Sununu R NH E. 2008-03-03 False S000663 Sen. Snowe, Olympia J. [R-ME] Olympia Snowe R ME J. 2008-03-03 False B000711 Sen. Boxer, Barbara [D-CA] BARBARA BOXER D CA 2008-03-10 False E000194 Sen. Ensign, John [R-NV] JOHN ENSIGN R NV 2008-04-22 False L000123 Sen. Lautenberg, Frank R. [D-NJ] FRANK LAUTENBERG D NJ R. 2008-04-24 False K000305 Sen. Kohl, Herb [D-WI] HERBERT KOHL D WI H. 2008-05-06 False C000141 Sen. Cardin, Benjamin L. [D-MD] Ben Cardin D MD 2008-05-07 False S000148 Sen. Schumer, Charles E. [D-NY] Charles Schumer D NY E. 2008-05-13 False C001035 Sen. Collins, Susan M. [R-ME] Susan Collins R ME M. 2008-05-13 False N000032 Sen. Nelson, Bill [D-FL] CLARENCE NELSON D FL WILLIAM 2008-05-14 False I000055 Sen. Isakson, Johnny [R-GA] Johnny Isakson R GA 2008-05-15 False S000033 Sen. Sanders, Bernard [I-VT] Bernard Sanders I VT 2008-05-21 False L000304 Sen. Lieberman, Joseph I. [ID-CT] JOSEPH LIEBERMAN ID CT I. 2008-06-09 False L000174 Sen. Leahy, Patrick J. [D-VT] Patrick Leahy D VT 2008-06-12 False V000127 Sen. Vitter, David [R-LA] David Vitter R LA 2008-06-12 False K000367 Sen. Klobuchar, Amy [D-MN] Amy Klobuchar D MN 2008-06-18 False L000261 Sen. Levin, Carl [D-MI] CARL LEVIN D MI MILTON 2008-06-24 False D000563 Sen. Durbin, Richard J. [D-IL] Richard Durbin D IL J. 2008-07-07 False Housing and Community Development Administrative procedure Affordable housing Armed Forces and National Security Bonds Department of the Treasury Disaster relief Displaced homemakers Economics and Public Finance Emergency Management Families Federal aid to housing Finance and Financial Sector Government Operations and Politics Income tax Law Low-income housing Minimum tax Mortgages Real estate appraisal Rental housing Residential rehabilitation Rural housing Single-parent families Social Welfare Tax credits Tax exemption Taxation Veterans' loans Housing and Community Development 00 2008-02-25 Introduced in Senate 2008-03-24T13:04:28Z Affordable Housing Investment Act of 2008 - Amends the Internal Revenue Code to revise and enhance tax incentives for investment in affordable housing, including by: (1) renaming the low-income housing tax credit as the affordable housing credit; (2) revising the applicable percentage rates for such credit; (3) increasing the amount of such credit for low-income buildings that are part of state-designated projects; (4) revising rules for the treatment of scattered site and rural residential rental housing projects; (5) permitting affordable housing credits for federally-assisted moderate rehabilitation developments; (6) allowing an offset against alternative minimum tax liability for affordable housing tax credit amounts; (7) exempting 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; and (8) allowing the use of mortgage revenue bonds to provide housing assistance for disaster victims, single parents, and displaced homemakers.

Repeals: (1) rules requiring recapture of income from sales of low-income buildings that are reasonably expected to be operated on a low-income basis; and (2) requirements to use repayments of mortgage revenue bonds for redemptions.

Directs the Secretary of the Treasury to modify regulations for the low-income housing tax credit to disregard certain housing assistance grants for purposes of making reductions in the basis of property eligible for such credit.

]]> Affordable Housing Investment Act of 2008 Short Titles as Introduced Affordable Housing Investment Act of 2008 Display Title Affordable Housing Investment Act of 2008 Official Title as Introduced A bill to amend the Internal Revenue Code of 1986 to encourage investment in affordable housing, and for other purposes. Introduced in Senate 2008-02-25T05:00:00Z https://www.govinfo.gov/content/pkg/BILLS-110s2666is/xml/BILLS-110s2666is.xml 2008-02-25 Read twice and referred to the Committee on Finance. (text of measure as introduced: CR S1140-1142) 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.