Senate bill introduces tax credit carryback for affordable housing
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Senator Ron Wyden introduced the Affordable Housing Credit Carryback Act. The bill would change how certain tax credits related to affordable housing are handled when a company does not have enough taxable income in a given year to use them all at once.
Why it matters: This is a technical change to tax law intended to provide immediate cash flow to developers of affordable housing by letting them recoup past tax payments rather than waiting years to use credits against future income.
Who it affects
- Developers of affordable housing projects
This information comes from Congress.gov regarding a Senate bill; please consult the official text before making financial or legal decisions.
Agency: Senate
Source: Congress.gov — read the official document