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119-s-5366119th CongressWALLET

Affordable Housing Credit Carryback Act

Sponsored By: Senator Gallego, Ruben [D-AZ]

Introduced

Summary

Lets the low-income housing tax credit be carried back up to five years under the general business credit rules. The bill would amend Internal Revenue Code section 39(a)(3) to add the credit allowed under section 42 to the list of credits eligible for a five-year carryback, so low-income housing developers could apply unused credits against tax liabilities in up to five prior taxable years for taxable years beginning after enactment.

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Bill Overview

Analyzed Economic Effects

1 provisions identified: 1 benefits, 0 costs, 0 mixed.

Carryback for affordable housing investors

This bill would let taxpayers carry back the low-income housing tax credit up to five years. If enacted, developers and investors who use the section 42 credit would be able to offset past tax bills or get refunds. The change would apply to taxable years beginning after the date of enactment. It would not change the credit amount or how other credits interact with it.

Sponsors & CoSponsors

Sponsor

Gallego, Ruben [D-AZ]

AZ • D

Cosponsors

  • Sen. Rounds, Mike [R-SD]

    SD • R

    Sponsored 8/7/2026

Roll Call Votes

No roll call votes available for this bill.

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