US Congress Senate Bill 548 (Prior Session Legislation)

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Spectrum: Slight Partisan Bill (Democrat 33-11-2)
Status: Introduced on March 7 2017 - 25% progression, died in committee
Action: 2017-03-07 - Read twice and referred to the Committee on Finance.
Pending: Senate Finance Committee
Text: Latest bill text (Introduced) [PDF]

Affordable Housing Credit Improvement Act of 2017 This bill amends the Internal Revenue Code, with respect to the low-income housing credit, to rename the credit "the affordable housing credit" and make several modifications to the credit. The bill increases state allocations for the credit and modifies the cost-of-living adjustments. It also revises tenant eligibility requirements, with respect to: the average income test, income eligibility for rural projects, increased tenant income, student occupancy rules, and tenant voucher payments that are taken into account as rent. The bill revises various requirements to: establish a 4% minimum credit rate for certain projects, permit relocation costs to be taken into account as rehabilitation expenditures, repeal the qualified census tract population cap, require housing credit agencies to make certain determinations regarding community revitalization plans, prohibit local approval and contribution requirements, increase the credit for certain projects designated to serve extremely low-income households, increase the credit for certain bond-financed projects designated by state agencies, increase the population cap for difficult development areas, and eliminate the basis reduction for affordable housing properties that are allowed the credit and receive certain energy-related tax credits and deductions. The bill also modifies requirements regarding the reconstruction or replacement period after a casualty loss, rights related to building purchases, the prohibition on claiming acquisition credits for properties placed in service in the previous 10 years, foreclosures, and projects that assist Native Americans.

Affordable Housing Credit Improvement Act of 2017

Sen. Maria Cantwell [D-WA]	Sen. Orrin Hatch [R-UT]	Sen. Ron Wyden [D-OR]	Sen. Charles Schumer [D-NY]
Sen. Brian Schatz [D-HI]	Sen. Patrick Leahy [D-VT]	Sen. Dean Heller [R-NV]	Sen. Jeff Merkley [D-OR]
Sen. Cory Booker [D-NJ]	Sen. Lisa Murkowski [R-AK]	Sen. Todd Young [R-IN]	Sen. Susan Collins [R-ME]
Sen. Michael Bennet [D-CO]	Sen. Jeanne Shaheen [D-NH]	Sen. Rob Portman [R-OH]	Sen. Bernard Sanders [I-VT]
Sen. Margaret Hassan [D-NH]	Sen. Patty Murray [D-WA]	Sen. Dan Sullivan [R-AK]	Sen. Johnny Isakson [R-GA]
Sen. Lindsey Graham [R-SC]	Sen. Tim Scott [R-SC]	Sen. Tim Kaine [D-VA]	Sen. Amy Klobuchar [D-MN]
Sen. Kirsten Gillibrand [D-NY]	Sen. Robert Menendez [D-NJ]	Sen. Edward Markey [D-MA]	Sen. Heidi Heitkamp [D-ND]
Sen. Debbie Stabenow [D-MI]	Sen. Benjamin Cardin [D-MD]	Sen. Sheldon Whitehouse [D-RI]	Sen. Dianne Feinstein [D-CA]
Sen. Christopher Coons [D-DE]	Sen. Angus King [I-ME]	Sen. Mazie Hirono [D-HI]	Sen. Tammy Duckworth [D-IL]
Sen. Robert Casey [D-PA]	Sen. Bill Nelson [D-FL]	Sen. Sherrod Brown [D-OH]	Sen. Thomas Carper [D-DE]
Sen. Elizabeth Warren [D-MA]	Sen. Shelley Capito [R-WV]	Sen. Catherine Cortez Masto [D-NV]	Sen. Kamala Harris [D-CA]
Sen. Doug Jones [D-AL]	Sen. Richard Blumenthal [D-CT]

Date	Chamber	Action
2017-03-07	Senate	Read twice and referred to the Committee on Finance.

HB1661 (Related) 2018-01-16 - ASSUMING FIRST SPONSORSHIP - Mr. Curbelo asked unanimous consent that he may hereafter be considered as the first sponsor of H.R. 1661, a bill originally introduced by Representative Tiberi, for the purpose of adding cosponsors and requesting reprintings pursuant to clause 7 of rule XII. Agreed to without objection.
HB4185 (Related) 2017-10-31 - Referred to the House Committee on Ways and Means.

Type	Source
Summary	https://www.congress.gov/bill/115th-congress/senate-bill/548/all-info
Text	https://www.congress.gov/115/bills/s548/BILLS-115s548is.pdf