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Affordable Housing Credit Carryback Act
To amend the Internal Revenue Code of 1986 to allow 5-year carrybacks for the low-income housing tax credit.
Summary
- Allows taxpayers to carry back unused low-income housing tax credits to reduce taxable income in the prior 5 tax years.
- Provides the same carryback treatment to the low-income housing tax credit as currently exists for the marginal oil and gas well production credit.
- Applies to taxable years beginning after the date of enactment of this Act.
AI-generated plain-language summary of the bill text — neutral, and may be imperfect. See the full text below for the exact wording.
Sponsor (1)
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![Rep. Carey, Mike [R-OH-15]](https://media.civicgate.org/people/d/politicians/C001126.thumb.jpg)
Rep. Carey, Mike (R-OH) [#15]
2 cosponsors
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![Rep. Lee, Susie [D-NV-3]](https://media.civicgate.org/people/d/politicians/L000590.thumb.jpg)
Rep. Lee, Susie (D-NV) [#3] -
![Rep. Panetta, Jimmy [D-CA-19]](https://media.civicgate.org/people/d/politicians/P000613.thumb.jpg)
Rep. Panetta, Jimmy (D-CA) [#19]
Money behind the sponsor
Top reported contributors to Mike Carey’s campaign committee (2024 cycle) — who funds the bill’s sponsor, not a claim about this bill. Data from FEC.
- IRON SENERGY $11,600
- NATIONWIDE $10,900
- KIMBALL MIDWEST $10,900
- KENMORE CONSTRUCTION $9,300
- DCI GROUP $9,000
Organizations whose employees gave the most — itemized individual contributions grouped by the donor’s reported employer (FEC Schedule A). Full finance for Mike Carey → · Outside spending →
Actions (2)
- May 22, 2026 Referred to the House Committee on Ways and Means. · house
- May 22, 2026 Introduced in House
Similar bills (6)
Bills with similar text or summary — includes reintroductions across Congresses. Ranked by semantic similarity of the bill text (computed locally); a neutral discovery aid, not a claim the bills are duplicates.
Text versions (1)
Bills are re-published as they move (Introduced → Reported → Engrossed → Enrolled …). Each stage below is a separate text; pick two to see what changed. Data from Congress.gov.
Full text
IN THE HOUSE OF REPRESENTATIVES
May 22, 2026
Mr. Carey (for himself and Mr. Panetta) introduced the following bill; which was referred to the Committee on Ways and Means
A BILL
To amend the Internal Revenue Code of 1986 to allow 5-year carrybacks for the low-income housing tax credit.
Be it enacted by the Senate and House of Representatives of the United States of America in Congress assembled,
SECTION 1. SHORT TITLE.
This Act may be cited as the “Affordable Housing Credit Carryback Act”.
SEC. 2. 5-YEAR CARRYBACK FOR LOW-INCOME HOUSING TAX CREDIT.
(a) In General.—Section 39(a)(3) of the Internal Revenue Code of 1986 is amended—
(1) in the heading, by striking “ marginal oil and gas well production credit” and inserting “certain credits”,
(2) by inserting “or the low-income housing tax credit allowed under section 42” after “well production credit” in the matter preceding subparagraph (A), and
(3) in subparagraph (A), by inserting “or the low-income housing tax credit, as applicable” after “well production credit”.
(b) Effective Date.—The amendments made by this section shall apply to taxable years beginning after the date of the enactment of this Act. <all>
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