What does Preamble of Affordable Housing Credit Carryback Act do?

This bill proposes to amend the Internal Revenue Code of 1986. The proposed amendment concerns the low-income housing tax credit. The bill would allow for 5-year carrybacks related to the low-income housing tax credit.

What does SHORT TITLE. of Affordable Housing Credit Carryback Act do?

This Act is formally titled the Affordable Housing Credit Carryback Act.

What does 5-YEAR CARRYBACK FOR LOW-INCOME HOUSING TAX CREDIT. of Affordable Housing Credit Carryback Act do?

This section amends Section 39(a)(3) of the Internal Revenue Code of 1986. The amendment strikes 'marginal oil and gas well production credit' in the heading and inserts 'certain credits'. The amendment inserts 'or the low-income housing tax credit allowed under section 42' after 'well production credit' in the matter preceding subparagraph (A). The amendment inserts 'or the low-income housing tax credit, as applicable' after 'well production credit' in subparagraph (A). The amendments apply to taxable years beginning after the date of enactment of this Act.

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Affordable Housing Credit Carryback Act

Last updated: 5/22/2026 · Introduced: 5/22/2026

Author: Mike Carey (R-OH)

TL;DR (AI)

The bill amends the Internal Revenue Code to extend the carryback period for the low-income housing tax credit.
It allows taxpayers to carry back certain credits, including the low-income housing tax credit, for a period of five years.
These changes apply to taxable years beginning after the bill's enactment.

119th Congressin committeeOfficial page

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Other Sections

Includes provisions on preamble, short title., and 1 more.

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