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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
This bill amends the Internal Revenue Code to allow a 5-year carryback for the low-income housing tax credit. The low-income housing tax credit is a Federal tax credit that helps finance the construction and renovation of affordable rental housing. A carryback allows taxpayers to apply unused tax credits from one year to reduce taxes in prior years. Currently, the low-income housing tax credit has a shorter carryback period than some other tax credits; this bill extends the housing credit's carryback to match the 5-year period allowed for the marginal oil and gas well production credit. The changes apply to taxable years beginning after the bill's enactment.
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)
- Rep. Carey, Mike [R-OH-15] (R-OH)
2 cosponsors
- Rep. Lee, Susie [D-NV-3] (D-NV)
- Rep. Panetta, Jimmy [D-CA-19] (D-CA)
Actions (2)
- May 22, 2026 Referred to the House Committee on Ways and Means. · house
- May 22, 2026 Introduced in House
Similar bills (6)
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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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