H.R. 1928, introduced in the House by Reps. Nancy Johnson (R-CT) and Charles Rangel (D-NY), and companion Senate bill S. 1119, sponsored by Sens. Bob Graham (D-FL), Orrin Hatch (R-UT), John Kerry (D-MA) and Jim Jeffords (I-VT), would correct an IRS interpretation that restricts the Low Income Housing Tax Credit.
The legislation would reverse the five TAMs issued by the IRS in 2000. This would restore the amount of equity financing available under the credit, which would create an incentive for builders to build more apartments and increase the supply of affordable housing.
NAHB economists project that the TAMs legislation would result each year in the construction of an additional 4,600 affordable housing units, 4,738 jobs, $154.1 million in wages and $81.9 million in tax revenues.
To see these bills, click here and type in H.R. 1985, H.R. 1928 or S. 1119 in the box at the upper left.
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