BusinessPostCorner.com
No Result
View All Result
Thursday, June 5, 2025
  • Home
  • Business
  • Finance
  • Accounting
  • Tax
  • Management
  • Marketing
  • Crypto News
  • Human Resources
BusinessPostCorner.com
  • Home
  • Business
  • Finance
  • Accounting
  • Tax
  • Management
  • Marketing
  • Crypto News
  • Human Resources
No Result
View All Result
BusinessPostCorner.com
No Result
View All Result

Lawmakers introduce bill to expand Affordable Housing Tax Credit

May 15, 2023
in Accounting
Reading Time: 3 mins read
A A
0
Lawmakers introduce bill to expand Affordable Housing Tax Credit
ShareShareShareShareShare

Members of the Senate and House introduced bipartisan legislation to expand the Affordable Housing Tax Credit.

The Affordable Housing Credit Improvement Act, introduced Friday, would increase housing credit allocations by restoring the 12.5% cap increase that expired in 2021 and further increase resources by 50% to help meet the growing need for affordable housing.

The bill would also enable states to maximize affordable housing production and preservation by lowering the threshold of Private Activity Bond financing — from 50 to 25% — required to trigger the maximum amount of 4% housing credits available to individual properties.

The bill would also enable the housing credit to better serve hard-to-reach communities including rural, Native American, high-poverty and high-cost communities, along with extremely low-income and formerly homeless tenants. It would make the housing credit more effective at preserving existing affordable housing by simplifying and aligning rules.

The U.S. Capitol in Washington.

Oliver Contreras/Bloomberg

The bill would also streamline and simplify program rules to align the housing credit with other affordable housing programs and remove administrative inefficiencies. The bill would also codify protections for veterans and victims of domestic and dating violence by formally adopting IRS guidance and protections under the Violence Against Women Act within the Tax Code. 

The bill garnered bipartisan support and was introduced Friday in the Senate by Sen. Maria Cantwell, D-Washinton, Todd Young, R-Indiana, Ron Wyden, D-Oregon and Marsha Blackburn R-Tennessee; and in the House by Rep. Darin LaHood, R-Illinois, Suzan DelBene, D-Washington, Brad Wenstrup, R-Ohio, Don Beyer, D-Virginia, Claudia Tenney, R-New York, and Jimmy Panetta, D-California. 

The AHCIA of 2023 builds on prior versions of the AHCIA that have earned wide bipartisan support since first introduced in 2016. Several pieces of the legislation have already been enacted, including a provision that would make the housing credit more compatible with energy and solar tax credits in 2022, a minimum 4% housing credit rate in 2020, and a temporary 12.5% housing credit allocation increase and a flexibility known as income averaging in 2018.

However, the temporary 12.5% housing credit allocation increase enacted in 2018 expired at the end of 2021, so there is currently a cut to this affordable housing tool. The proposal under the bill to lower the Private Activity Bond financing threshold — a requirement that approximately half of housing credit developments need to meet in order to access housing credits — would also allow more resources for producing affordable housing. The legislation would also provide states with additional flexibilities, streamline program rules, and make the housing credit more efficient in hard-to-reach rural and Native American communities. 

Advocates are hoping the bill will be passed in Congress this year.

“Since the Affordable Housing Credit Improvement Act was first introduced in 2016, the affordable housing crisis has only worsened, and the need to take action on affordable housing is urgent,” said Affordable Housing Tax Credit Coalition CEO Emily Cadik in a statement. “This important legislation will finance nearly two million homes nationwide at a time when rents are skyrocketing, even in many places once considered affordable. We applaud the leadership of the AHCIA’s bipartisan co-sponsors and urge Congress to finally enact these bipartisan proposals this year.”

Credit: Source link

ShareTweetSendPinShare
Previous Post

What Makes A Turnaround CEO Successful?

Next Post

IRS to pilot free tax prep system in January

Next Post
IRS to pilot free tax prep system in January

IRS to pilot free tax prep system in January

US Steel workers see hope of job security in deal with Japan’s Nippon

US Steel workers see hope of job security in deal with Japan’s Nippon

June 1, 2025
Opec+ to boost oil output for third consecutive month

Opec+ to boost oil output for third consecutive month

May 31, 2025
Obscure tax item in Trump’s big bill alarms Wall Street

Obscure tax item in Trump’s big bill alarms Wall Street

May 30, 2025
Disgraced former celebrity lawyer Tom Girardi must pay .3 million to the former clients he stole from

Disgraced former celebrity lawyer Tom Girardi must pay $2.3 million to the former clients he stole from

June 3, 2025
Ship in North Pacific carrying 3,000 cars catches fire, forcing 22 crew members to be rescued from lifeboat

Ship in North Pacific carrying 3,000 cars catches fire, forcing 22 crew members to be rescued from lifeboat

June 5, 2025
Markets tick up as Elon Musk blasts Trump tax bill as ‘disgusting’

Markets tick up as Elon Musk blasts Trump tax bill as ‘disgusting’

June 3, 2025
BusinessPostCorner.com

BusinessPostCorner.com is an online news portal that aims to share the latest news about following topics: Accounting, Tax, Business, Finance, Crypto, Management, Human resources and Marketing. Feel free to get in touch with us!

Recent News

Goldman Sachs reins in risk appetite as Donald Trump’s tariffs roil markets

Goldman Sachs reins in risk appetite as Donald Trump’s tariffs roil markets

June 5, 2025
BREAKING: Uber Explores Global Stablecoin Transfers as CEO Hails Bitcoin ‘Proven’ Store of Value

BREAKING: Uber Explores Global Stablecoin Transfers as CEO Hails Bitcoin ‘Proven’ Store of Value

June 5, 2025

Our Newsletter!

Loading
  • Contact Us
  • Privacy Policy
  • Terms of Use
  • DMCA

© 2023 businesspostcorner.com - All Rights Reserved!

No Result
View All Result
  • Home
  • Business
  • Finance
  • Accounting
  • Tax
  • Management
  • Marketing
  • Crypto News
  • Human Resources

© 2023 businesspostcorner.com - All Rights Reserved!