Affordable Housing Credit Carryback Act
- Bill Number
- H.R. 9012
- Origin Chamber
- House
- Congress
- 119th Congress, Session 2
- Policy Area
- Taxation
- Status
- Introduced
- Latest Action
- 2026-05-22: Referred to the House Committee on Ways and Means.
- Last Updated
- 2026-06-05T15:42:48Z
AI-Generated Summary
Purpose The legislation aims to expand the ability of taxpayers to apply the low-income housing tax credit against tax liabilities from prior years by permitting a 5-year carryback period.
Key Provisions
- Amends Section 39(a)(3) of the Internal Revenue Code of 1986.
- Changes the heading from “marginal oil and gas well production credit” to “certain credits.”
- Adds the low-income housing tax credit (under Section 42) to the existing carryback rules that currently apply to the marginal oil and gas well production credit.
- Applies the carryback to taxable years beginning after the date of enactment.
Significant Changes to Existing Law
- Extends the 5-year carryback treatment, previously limited to the oil and gas production credit, to the low-income housing tax credit.
- Updates statutory language to encompass both credits under the same carryback framework.
Potential Impacts
- May increase the value of low-income housing tax credits for investors by allowing refunds or offsets of taxes paid in the prior five years.
- Could affect the Internal Revenue Service through additional claims processing and compliance reviews.
- No direct effects on international relations are addressed in the bill.
Main Stakeholders Affected
- Taxpayers and investors who claim the low-income housing tax credit.
- Developers and owners of affordable housing projects financed with the credit.
- The Internal Revenue Service, which administers the credit and carryback rules.
Notable Legal, Constitutional, or Political Implications
- The bill makes a targeted modification to tax carryback rules without altering constitutional provisions or creating new regulatory authorities.
- It maintains the existing structure of the Internal Revenue Code while broadening an exception for one specific credit.
This summary was generated by AI and may contain inaccuracies. Refer to the official source document for the authoritative text.
Sponsor
Cosponsors (1)
Recent Actions
- 2026-05-22: Referred to the House Committee on Ways and Means.
- 2026-05-22: Introduced in House
- 2026-05-22: Introduced in House
Bill Versions
- Affordable Housing Credit Carryback Act — issued 2026-05-22 — PDF (2 pages)