To amend the Internal Revenue Code of 1986 to allow 5-year carrybacks for the low-income housing tax credit.
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Summary
Based on the bill's title, this measure would amend the Internal Revenue Code to allow taxpayers to carry back low-income housing tax credits for up to five years. This would permit entities that claim the low-income housing tax credit to apply unused credits against prior-year tax liability, potentially increasing refunds or reducing prior taxes owed. The bill has been referred to the House Committee on Ways and Means but the full text is not available.
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