[Congressional Bills 119th Congress]
[From the U.S. Government Publishing Office]
[H.R. 3126 Introduced in House (IH)]

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119th CONGRESS
  1st Session
                                H. R. 3126

 To amend the Internal Revenue Code of 1986 to increase the low-income 
        housing credit for projects that use water submetering.


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                    IN THE HOUSE OF REPRESENTATIVES

                             April 30, 2025

  Ms. Tenney introduced the following bill; which was referred to the 
                      Committee on Ways and Means

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                                 A BILL


 
 To amend the Internal Revenue Code of 1986 to increase the low-income 
        housing credit for projects that use water submetering.

    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 ``Promoting Submetering for Affordable 
Housing Act''.

SEC. 2. INCREASE IN CREDIT FOR PROJECTS THAT USE WATER SUBMETERING.

    (a) In General.--Paragraph (5) of section 42(d) of the Internal 
Revenue Code of 1986 is amended by adding at the end the following new 
subparagraph:
                    ``(C) Increase in credit for projects that use 
                water submetering.--In the case of any building--
                            ``(i) which contains 4 or more units,
                            ``(ii) which uses water submeters for 
                        purposes of billing each unit separately, and
                            ``(iii) in which tenants have access to 
                        read water submeters, including in landlord-
                        controlled areas, within 72 hours of making a 
                        request for such information,
                the eligible basis of such building shall be 105 
                percent of such basis determined without regard to this 
                subparagraph.''.
    (b) Effective Date.--The amendment made by this section shall apply 
to buildings which receive allocations of housing credit dollar amount 
or, in the case of projects financed by tax-exempt obligations as 
described in section 42(h)(4) of the Internal Revenue Code of 1986, 
which are first taken into account under section 146 of such Code, 
after the date of the enactment of this Act.
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