3.0.0 3326 2023-01-11T13:20:00Z 2023-01-11T13:20:00Z Senate S S 2010-05-06 111 ssfi00 Finance Committee Senate Standing Referred to 2010-05-06T21:11:58Z Low Income Housing Tax Credit Exchange Expansion and Job Creation Act of 2010 111 4687 HR 2010-02-24 Referred to House Ways and Means Related bill CRS 2010-05-06 ssfi00 Finance Committee Senate Read twice and referred to the Committee on Finance. IntroReferral 2010-05-06 Introduced in Senate IntroReferral 10000 9 Library of Congress C000127 Sen. Cantwell, Maria [D-WA] Maria Cantwell D WA N K000148 Sen. Kerry, John F. [D-MA] JOHN KERRY D MA FORBES 2010-05-06 True B000711 Sen. Boxer, Barbara [D-CA] BARBARA BOXER D CA 2010-05-06 True S000148 Sen. Schumer, Charles E. [D-NY] Charles Schumer D NY E. 2010-05-11 False W000779 Sen. Wyden, Ron [D-OR] Ron Wyden D OR 2010-05-18 False S000033 Sen. Sanders, Bernard [I-VT] Bernard Sanders I VT 2010-05-20 False L000174 Sen. Leahy, Patrick J. [D-VT] Patrick Leahy D VT 2010-05-25 False F000062 Sen. Feinstein, Dianne [D-CA] Dianne Feinstein D CA 2010-05-27 False S000770 Sen. Stabenow, Debbie [D-MI] Debbie Stabenow D MI 2010-06-08 False C000141 Sen. Cardin, Benjamin L. [D-MD] Ben Cardin D MD 2010-06-14 False M001176 Sen. Merkley, Jeff [D-OR] Jeff Merkley D OR 2010-06-21 False Housing and Community Development Housing and community development funding Housing finance and home ownership Income tax credits Low- and moderate-income housing Residential rehabilitation and home repair Housing and Community Development 00 2010-05-06 Introduced in Senate 2010-07-07T15:44:53Z Job Creation and Affordable Housing Act of 2010 - Directs the Secretary of the Treasury to make a grant to each state equal to such state's low-income bond-subsidized housing election amount. Defines "low-income bond-subsidized housing election amount" as an amount a state may elect which does not exceed 85% of the state's bond-subsidized credit amount for low-income buildings.

Requires states to use grants to make subawards to finance the construction or acquisition and rehabilitation of qualified low-income buildings. Requires the return of grant funds not used to make such subawards before January 1, 2012.

Amends the Internal Revenue Code to: (1) deny a low-income housing tax credit for bond-subsidized buildings that received a subaward under this Act; (2) allow a five-year carryback of unused low-income housing tax credit amounts and a carryback for new low-income housing investments in 2010 and 2011; and (3) allow a full offset of low-income housing tax credits against regular income tax liability.

]]> Job Creation and Affordable Housing Act of 2010 Display Title Job Creation and Affordable Housing Act of 2010 Official Title as Introduced A bill to provide grants to States for low-income housing projects in lieu of low-income housing credits, and to amend the Internal Revenue Code of 1986 to allow a 5-year carryback of the low-income housing credit, and for other purposes. Introduced in Senate IS Short Titles as Introduced Job Creation and Affordable Housing Act of 2010 Introduced in Senate 2010-05-06T04:00:00Z https://www.govinfo.gov/content/pkg/BILLS-111s3326is/xml/BILLS-111s3326is.xml 2010-05-06 Read twice and referred to the Committee on Finance. 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.