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
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.