Keep Housing Affordable Act of 2024

[Congressional Bills 118th Congress]
[From the U.S. Government Publishing Office]
[H.R. 8900 Introduced in House (IH)]

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118th CONGRESS
  2d Session
                                H. R. 8900

To amend the Internal Revenue Code of 1986 to allow taxpayers to extend 
   the compliance period of the low-income housing credit to receive 
                          additional credits.


_______________________________________________________________________


                    IN THE HOUSE OF REPRESENTATIVES

                             June 28, 2024

  Mr. Nickel 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 taxpayers to extend 
   the compliance period of the low-income housing credit to receive 
                          additional credits.

    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 ``Keep Housing Affordable Act of 
2024''.

SEC. 2. ELECTION TO EXTEND COMPLIANCE PERIOD OF LOW-INCOME HOUSING 
              CREDIT.

    (a) In General.--Section 42(f) of the Internal Revenue Code of 1986 
is amended by adding at the end the following new paragraph:
            ``(6) Election to extend compliance period.--
                    ``(A) In general.--A taxpayer may elect, in the 
                first taxable year following the end of the compliance 
                period with respect to a building, to apply subsection 
                (i)(1) by--
                            ``(i) substituting `50 taxable years 
                        beginning with the 1st taxable year after an 
                        election is made with respect to such building 
                        under subsection (f)(6)(A)' for `15 taxable 
                        years beginning with the 1st taxable year of 
                        the credit period', or
                            ``(ii) substituting `30 taxable years 
                        beginning with the 1st taxable year after an 
                        election is made with respect to such building 
                        under subsection (f)(6)(A)' for `15 taxable 
                        years beginning with the 1st taxable year of 
                        the credit period'.
                    ``(B) Credit period after election.--In the case of 
                a building with respect to which an election is made 
                under subparagraph (A), the term `credit period' shall 
                include the 15-year period beginning on the first day 
                of the first taxable year with respect to which such 
                election is made.
                    ``(C) Limitation.--A taxpayer may not make an 
                election under subparagraph (A) with respect to a 
                building with respect to which an election has been 
                made under clause (ii) of such subparagraph in any 
                preceding taxable year.
                    ``(D) Treated as placed in service.--For purposes 
                of this section, a building with respect to which a 
                taxpayer makes an election under subparagraph (A) shall 
                be treated as being placed in service on the date on 
                which such election is made.''.
    (b) Inclusion in Selection Criteria.--Section 42(m)(1)(C) of such 
Code is amended by striking ``and'' at the end of clause (ix), by 
striking the period at the end of clause (x) and inserting ``, and'', 
and by adding at the end the following new clause:
                            ``(xi) projects with respect to which an 
                        election has been made under subsection 
                        (f)(6)(A).''.
    (c) Exception From Private Activity Bonds Volume Cap.--Section 
146(g) of such Code is amended by striking ``and'' at the end of 
paragraph (5), by striking the period at the end of paragraph (6), and 
by inserting after paragraph (6) the following new paragraph:
            ``(7) any bond used to refinance a qualified low-income 
        building (as defined in section 42(c)) during the compliance 
        period of such building if such compliance period was extended 
        at the election of the taxpayer under section 42(f)(6)(A).''.
    (d) Effective Date.--The amendment made by this section shall apply 
to buildings placed in service after the date of the enactment of this 
Act.
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