[Congressional Bills 118th Congress]
[From the U.S. Government Publishing Office]
[H.R. 7110 Introduced in House (IH)]

<DOC>






118th CONGRESS
  2d Session
                                H. R. 7110

    To amend the Internal Revenue Code of 1986 to require building 
        inspections for certain qualified low-income buildings.


_______________________________________________________________________


                    IN THE HOUSE OF REPRESENTATIVES

                            January 29, 2024

 Mr. Espaillat (for himself and Mr. Torres of New York) introduced the 
 following bill; which was referred to the Committee on Ways and Means

_______________________________________________________________________

                                 A BILL


 
    To amend the Internal Revenue Code of 1986 to require building 
        inspections for certain qualified low-income buildings.

    Be it enacted by the Senate and House of Representatives of the 
United States of America in Congress assembled,

SECTION 1. SHORT TITLE.

    This Act may be cited as the ``Low Income Housing Tax Credit 
Landlord Accountability Act of 2024'' or the ``LIHTC Landlord 
Accountability Act of 2024''.

SEC. 2. LOW INCOME HOUSING TAX CREDIT BUILDING INSPECTION REQUIREMENTS.

    (a) In General.--Section 42(d)(2)(B) of the Internal Revenue Code 
of 1986 is amended in clause (iii) by striking ``and'' at the end, in 
clause (iv) by striking the period at the end and inserting ``, and'', 
and by adding at the end the following new clause:
                            ``(v) the building meets the requirements 
                        of applicable local, State, Federal, and Tribal 
                        laws relating to safety, habitability, or 
                        environment protection, as certified by an 
                        appropriately licensed professional during the 
                        credit period.''.
    (b) Required Annual Reports.--Section 42(l)(2) of such Code is 
amended by striking ``may require taxpayers'' and inserting ``shall 
require each taxpayer that owns a qualified low-income building''.
    (c) Physical Condition Assessment Required.--Section 42(l)(2) of 
such Code is amended by redesignating subparagraph (C) as subparagraph 
(D) and by inserting after subparagraph (B) the following new 
subparagraph:
                    ``(B) a physical condition assessment including 
                photographs and a detailed narrative of the interior 
                and exterior of the structure completed by an 
                appropriately licensed professional--
                            ``(i) evaluating the structural, physical, 
                        and health and safety conditions of the 
                        structural and mechanical systems of each such 
                        building, and
                            ``(ii) providing cost estimates for 
                        maintaining the building and any necessary 
                        rehabilitation or remediation work.''.
    (d) Report to Congress.--Section 42 of such Code is amended by 
redesignating subsection (n) as subsection (o) and by inserting after 
subsection (m) the following new subsection:
    ``(n) Report to Congress.--The Secretary shall annually submit a 
report to Congress summarizing the contents of returns submitted to the 
Secretary under subsection (l)(2) during the preceding calendar 
year.''.
    (e) Effective Date.--The amendments made by this section shall 
apply to taxable years beginning after the date of the enactment of 
this Act.
                                 <all>