To amend the Internal Revenue Code of 1986 to disregard veteran disability compensation or pension payments in determining income for purposes of the low income housing tax credit and qualified residential rental project bonds.
About This Bill
Committee
Latest Action · September 24, 2024
Referred to the House Committee on Ways and Means.
This bill would change federal tax rules to help veterans access affordable housing by excluding their disability compensation and pension payments when calculating income eligibility for low-income housing assistance programs. Specifically, it amends the tax code so that veteran disability payments are not counted as income when determining eligibility for the low-income housing tax credit and qualified residential rental project bonds, two federal programs that help finance affordable rental housing. The change would affect veterans receiving disability compensation or pensions under federal law, potentially making them eligible for housing assistance they otherwise might not qualify for due to their military benefits income. The bill takes effect immediately upon passage and applies to all future income determinations for these housing programs. By disregarding veteran disability payments in income calculations, the legislation aims to recognize that these benefits serve as disability support rather than taxable income and help more veterans afford stable housing.
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