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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 low-income housing tax credits to be carried back 5 years under Internal Revenue Code section 39(a)(3), joining marginal oil and gas well production credits in this carryback treatment.
- Enables taxpayers with unused low-income housing tax credits to apply them to reduce federal income taxes from up to 5 prior years.
- Makes the carryback provision effective for 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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![Sen. Gallego, Ruben [D-AZ]](https://media.civicgate.org/people/d/politicians/G000574.thumb.jpg)
Sen. Gallego, Ruben (D-AZ)
1 cosponsor
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![Sen. Rounds, Mike [R-SD]](https://media.civicgate.org/people/d/politicians/R000605.thumb.jpg)
Sen. Rounds, Mike (R-SD)
Actions (2)
- Aug 7, 2026 Read twice and referred to the Committee on Finance. · senate
- Aug 7, 2026 Introduced in Senate
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 SENATE OF THE UNITED STATES
August 7, 2026
Mr. Gallego (for himself and Mr. Rounds) 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 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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