To amend the Internal Revenue Code of 1986 to replace the recapture bond provisions of the low income housing tax credit program.
Latest action · Apr 11, 2005 Referred to the Subcommittee on Trade.
Progress
Where this bill reached, and when. A stage with no date was not reached; one that failed a vote and later carried shows the date it carried.
- IntroducedApr 5, 2005
- Passed HouseNot reached
- Passed SenateNot reached
- To the PresidentNot reached
- Became lawNot reached
Summary
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.
Cosponsors 9
Members who signed on, in the order they did. Signatures ran from Apr 5, 2005 to Jun 28, 2005, with 2 there on the day it was introduced.
| Seat | Cosponsor | Signed on | |
|---|---|---|---|
| D-NY | Charles B. Rangel | Original | Apr 5, 2005 |
| R-MO | Kenny C. Hulshof | Original | Apr 5, 2005 |
| R-LA | Jim McCrery | May 26, 2005 | |
| D-CA | Xavier Becerra | May 26, 2005 | |
| R-PA | Phil English | Jun 15, 2005 | |
| D-WA | Jim McDermott | Jun 21, 2005 | |
| D-GA | John Lewis | Jun 21, 2005 | |
| R-FL | Mark Foley | Jun 22, 2005 | |
| D-IL | Rahm Emanuel | Jun 28, 2005 |
Actions 3
Everything that happened, newest first.
- Apr 11, 2005Referred to the Subcommittee on Trade.
- Apr 5, 2005Introduced in House
- Apr 5, 2005Referred to the House Committee on Ways and Means.
Related bills 1
Companion bills and other measures the record links to this one.
| Bill | Title | Relationship | Latest action |
|---|---|---|---|
| S 2366 | A bill to amend the Internal Revenue Code of 1986 to replace the recapture bond provisions of the low income housing tax credit program. | Identical bill | Mar 3, 2006 |
Subjects
Assigned by the Library of Congress. Policy area: Taxation.
Text 1
Each version as it was printed, newest first.
- Apr 5, 2005Introduced in House
Everything here is as published by Congress: the summary is the Congressional Research Service's, the action wording is the clerks', and the subjects are the Library of Congress's. How far it got is read from the actions themselves, taking the most recent one of each kind, so a bill that failed a vote and later passed is shown as having passed. Records come from this bill on Congress.gov and govinfo.gov.