To amend the Internal Revenue Code of 1986 to encourage investment in affordable housing.
Latest action · Mar 2, 2006 Referred to the House Committee on Ways and Means.
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.
- IntroducedMar 2, 2006
- Passed HouseNot reached
- Passed SenateNot reached
- To the PresidentNot reached
- Became lawNot reached
Summary
Amends the Internal Revenue Code to: (1) rename the low-income housing tax credit as the affordable housing credit; (2) revise the applicable percentage rates for the credit; (3) increase the credit for low-income buildings that are part of state-designated projects; (4) allow the credit for buildings eligible for moderate rehabilitation assistance under the U.S. Housing Act of 1937; (5) repeal certain repayment requirements for qualified mortgage revenue bond issues; (6) qualify displaced homemakers, single parents, and certain disaster victims for mortgage revenue bond-financed first-time home loans; (7) repeal rules requiring recapture of income from sales of low-income buildings that are reasonably expected to be operated on a low-income basis; (8) impose recapture reporting requirements on owners of qualified low-income buildings eligible for housing credits; (9) exempt affordable housing tax credit amounts from the alternative minimum tax; and (10) exempt 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.
Cosponsors 39
Members who signed on, in the order they did. Signatures ran from Mar 9, 2006 to Dec 5, 2006.
| Seat | Cosponsor | Signed on | |
|---|---|---|---|
| D-NY | Carolyn B. Maloney | Mar 9, 2006 | |
| R-MS | Charles W. "Chip" Pickering | Mar 9, 2006 | |
| D-ME | Michael H. Michaud | Mar 14, 2006 | |
| D-SD | Stephanie Herseth Sandlin | Apr 4, 2006 | |
| D-MN | Collin C. Peterson | Apr 5, 2006 | |
| D-TN | Harold E. Ford Jr. | Apr 25, 2006 | |
| D-RI | James R. Langevin | May 17, 2006 | |
| R-AZ | J. D. Hayworth | May 18, 2006 | |
| R-NE | Lee Terry | May 18, 2006 | |
| D-MN | Betty McCollum | May 19, 2006 | |
| D-RI | Patrick J. Kennedy | Jun 6, 2006 | |
| D-TN | Bart Gordon | Jun 12, 2006 | |
| D-WV | Nick J. Rahall II | Jun 22, 2006 | |
| R-PA | Phil English | Jun 22, 2006 | |
| D-TN | Lincoln Davis | Jun 27, 2006 | |
| D-MA | Richard E. Neal | Jun 28, 2006 | |
| R-ID | Michael K. Simpson | Jun 29, 2006 | |
| R-VA | Jo Ann Davis | Jul 11, 2006 | |
| D-MN | James L. Oberstar | Jul 12, 2006 | |
| D-MN | Martin Olav Sabo | Jul 17, 2006 | |
| D-KS | Dennis Moore | Jul 24, 2006 | |
| R-VA | Eric Cantor | Jul 24, 2006 | |
| D-LA | William J. Jefferson | Jul 24, 2006 | |
| D-MD | Benjamin L. Cardin | Jul 25, 2006 | |
| R-PA | Jim Gerlach | Jul 25, 2006 | |
| D-IL | Rahm Emanuel | Jul 25, 2006 | |
| D-CA | Adam B. Schiff | Jul 28, 2006 | |
| D-PA | Tim Holden | Jul 28, 2006 | |
| R-NE | Tom Osborne | Jul 28, 2006 | |
| R-ID | C. L. (Butch) Otter | Sep 6, 2006 | |
| D-CA | Doris O. Matsui | Sep 6, 2006 | |
| R-NH | Jeb Bradley | Sep 6, 2006 | |
| R-LA | Richard H. Baker | Sep 6, 2006 | |
| D-VA | Robert C. "Bobby" Scott | Sep 6, 2006 | |
| D-VA | Rick Boucher | Sep 12, 2006 | |
| D-PA | Michael F. Doyle | Sep 25, 2006 | |
| D-GA | John Lewis | Sep 26, 2006 | |
| D-CT | John B. Larson | Sep 27, 2006 | |
| D-ME | Thomas H. Allen | Dec 5, 2006 |
Committees 1
Where it was sent and what each committee and subcommittee did with it, in order.
| Chamber | Committee | What it did |
|---|---|---|
| House | Ways and Means Committee | Referred Mar 2, 2006 |
Actions 2
Everything that happened, newest first.
- Mar 2, 2006Introduced in House
- Mar 2, 2006Referred to the House Committee on Ways and Means.
Research
What has been written about this bill: committee reports, cost estimates, the sponsor’s authority statement, printed hearings and the Congressional Research Service’s work.
Printed hearings 1
Hearings whose printed record names this bill, newest first: hearings on it, and wider hearings where it came up.
| Number | Hearing | Committee | Held |
|---|---|---|---|
| Serial No. 109-56 | HEARING ON THE USE OF88 pages | Ways and Means Committee | Mar 16, 2006 |
Titles 1
Every title it has carried, official and short, at each stage.
- Official Title as Introduced
- To amend the Internal Revenue Code of 1986 to encourage investment in affordable housing.
Subjects
Assigned by the Library of Congress. Policy area: Taxation.
- Affordable housing
- Armed Forces and National Security
- Building construction
- Collection of accounts
- Commerce
- Disasters
- Displaced homemakers
- Displaced persons
- Education
- Elementary and secondary education
- Emergency Management
- Families
- Finance and Financial Sector
- Government Operations and Politics
- Government paperwork
- Higher education
- Housing and Community Development
- Housing finance
- Housing subsidies
- Income tax
- Interest
- Law
- Liability (Law)
- Limitation of actions
- Low-income housing
- Minimum tax
- Mortgages
- Rental housing
- Residential rehabilitation
- Single-parent families
- Social Welfare
- Soldiers' homes
- Students
- Tax credits
- Tax penalties
- Tax returns
- Tax-exempt securities
- Taxation
Text 1
Each version as it was printed, newest first.
- Mar 2, 2006Introduced 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; cost estimates are the Congressional Budget Office's, and the hearings are the printed hearings GovInfo publishes, which can appear months after the hearing.