S. 1515
Introduced in Senate · May 8, 2025April 29, 2025
Mr. Young (for himself, Ms. Cantwell, Mrs. Blackburn, Mr. Wyden, Mr. Cassidy, Mr. Bennet, Mr. Tillis, Mr. Warner, Mr. Marshall, Mr. Whitehouse, Mr. Boozman, Ms. Hassan, Mrs. Capito, Ms. Cortez Masto, Mr. Cramer, Ms. Smith, Ms. Collins, Mr. Luján, Mrs. Hyde-Smith, Mr. Warnock, Mr. Justice, Mr. Welch, Mr. Moran, Mrs. Shaheen, Ms. Murkowski, Mrs. Gillibrand, Mr. Ricketts, Mr. Schumer, Mr. Rounds, and Ms. Klobuchar) introduced the following bill; which was read twice and referred to the Committee on Finance
A BILL
To amend the Internal Revenue Code of 1986 to reform the low-income housing credit, and for other purposes.
1. Short title; table of contents; TITLE I—REFORM OF STATE ALLOCATION FORMULAS; 101. Increases in State allocations; TITLE II—REFORMS RELATING TO TENANT ELIGIBILITY; 201. Average income test applicability to exempt facility bonds; 202. Codification of rules relating to increased tenant income; 203. Modification of student occupancy rules; 204. Tenant voucher payments taken into account as rent for certain purposes; 205. Requirement that low-income housing credit-supported housing protect victims of domestic abuse; 206. Clarification of general public use requirement relating to veterans, etc; TITLE III—RULES RELATING TO CREDIT ELIGIBILITY AND DETERMINATION; 301. Reconstruction or replacement period after casualty loss; 302. Modification of previous ownership rules; limitation on acquisition basis; 303. Certain relocation costs taken into account as rehabilitation expenditures; 304. Repeal of qualified census tract population cap; 305. Determination of community revitalization plan to be made by housing credit agency; 306. Prohibition of local approval and contribution requirements; 307. Increase in credit for certain projects designated to serve extremely low-income households; 308. Increase in credit for bond-financed projects designated by State agency; 309. Elimination of basis reduction for low-income housing properties energy efficient commercial building deduction; 310. Restriction of planned foreclosures; 311. Increase of population cap for difficult development areas; 312. Increased cost oversight and accountability; 313. Tax-exempt bond financing requirement; TITLE IV—REFORMS RELATING TO NATIVE AMERICAN ASSISTANCE; 401. Selection criteria under qualified allocation plans; 402. Inclusion of Indian areas as difficult development areas for purposes of certain buildings; TITLE V—REFORMS RELATING TO RURAL ASSISTANCE; 501. Inclusion of rural areas as difficult development areas; 502. Uniform income eligibility for rural projects; TITLE VI—EXEMPT FACILITY BONDS; 601. Revision and clarification of the treatment of refunding issues; TITLE VII—AFFORDABLE HOUSING TAX CREDIT; 701. Affordable housing tax credit; TITLE VIII—DATA AND TRANSPARENCY; 801. Sense of Congress