“To amend the Internal Revenue Code of 1986 to provide a credit for middle-income housing, and for other purposes.”
No CRS summary available for this bill.
This section establishes a new middle-income housing tax credit under section 42A of the Internal Revenue Code. The credit equals the applicable percentage of the qualified basis of each qualified middle-income building during the 15-year credit period, with the applicable percentage set to produce a present value (discounted at 72 percent of the average Federal mid-term and long-term rates) equal to 50 percent of the qualified basis for new non-federally subsidized buildings and 20 percent for other buildings; the applicable percentage may not fall below 5 percent for non-subsidized buildings or 2 percent for subsidized buildings (except that the rate is zero for most subsidized buildings unless they also receive the section 42 credit and tax-exempt bond financing).