US Congress Senate Bill 3326 (Prior Session Legislation)

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Spectrum: Strong Partisan Bill (Democrat 10-1)
Status: Introduced on May 6 2010 - 25% progression, died in chamber
Action: 2010-05-06 - Read twice and referred to the Committee on Finance.
Text: Latest bill text (Introduced) [PDF]

Job Creation and Affordable Housing Act of 2010 - Directs the Secretary of the Treasury to make a grant to each state equal to such state's low-income bond-subsidized housing election amount. Defines "low-income bond-subsidized housing election amount" as an amount a state may elect which does not exceed 85% of the state's bond-subsidized credit amount for low-income buildings. Requires states to use grants to make subawards to finance the construction or acquisition and rehabilitation of qualified low-income buildings. Requires the return of grant funds not used to make such subawards before January 1, 2012. Amends the Internal Revenue Code to: (1) deny a low-income housing tax credit for bond-subsidized buildings that received a subaward under this Act; (2) allow a five-year carryback of unused low-income housing tax credit amounts and a carryback for new low-income housing investments in 2010 and 2011; and (3) allow a full offset of low-income housing tax credits against regular income tax liability.

Job Creation and Affordable Housing Act of 2010

Sen. Barbara Boxer [D-CA]	Sen. Maria Cantwell [D-WA]	Sen. Benjamin Cardin [D-MD]	Sen. Dianne Feinstein [D-CA]
Sen. John Kerry [D-MA]	Sen. Patrick Leahy [D-VT]	Sen. Jeff Merkley [D-OR]	Sen. Bernard Sanders [I-VT]
Sen. Charles Schumer [D-NY]	Sen. Debbie Stabenow [D-MI]	Sen. Ron Wyden [D-OR]

Date	Chamber	Action
2010-05-06		Read twice and referred to the Committee on Finance.

HB4687 (Related) 2010-02-24 - Referred to House Ways and Means

Type	Source
Summary	https://www.congress.gov/bill/111th-congress/senate-bill/3326/all-info
Text	https://www.congress.gov/111/bills/s3326/BILLS-111s3326is.pdf