Summary: S.2962 — 114th Congress (2015-2016)All Information (Except Text)

There is one summary for S.2962. Bill summaries are authored by CRS.

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Introduced in Senate (05/19/2016)

Affordable Housing Credit Improvement Act of 2016

This bill amends the Internal Revenue Code, with respect to the low-income housing tax credit, to: (1) expand the credit by increasing the state housing credit ceiling, (2) modify the cost-of-living adjustment required for the state housing credit ceiling, (3) establish a new average income test which may be used to determine if a low-income housing project qualifies for the credit, and (4) establish a minimum credit rate of 4% for certain new or existing buildings.