This bill would amend the tax code to allow developers and investors in affordable housing to carry back the low-income housing tax credit for five years instead of the current rules. The low-income housing tax credit is a tax incentive that helps finance the construction and rehabilitation of affordable rental housing for low-income families. By allowing a five-year carryback, taxpayers could apply unused credits from a current year back to their previous five years of taxes, potentially resulting in refunds or reduced tax liability during those earlier years. This change would primarily benefit housing developers, real estate investors, and syndicators involved in affordable housing projects. The bill would take effect for tax years beginning after it is enacted into law and does not specify any particular funding or budget allocation, as it operates through the tax system's existing mechanisms.
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