S5366Referred to Committee
Affordable Housing Credit Carryback Act
Introduced
In Committee
3
Passed One Chamber4
Passed Both5
Signed into Law119th
Congress
2026-08-07
Introduced
1
Cosponsors
S
ⓘType
Sponsor
Ruben Gallego
Democrat · AZ · Senator
Votes with party: 78.5% (776 recorded votes)
Full profile: /officials/G000574
Source: Congress.gov · FEC
Cosponsors (1)
Members who have signed on to support this bill since introduction. Source: Congress.gov.
Latest Action
The most recent step in the bill's legislative path. Committee Activity below shows referrals and reports; the full action-by-action history including floor proceedings lives at Congress.gov →
Committee Activity
Currently in
- Senate Committee on FinanceReferred To · 2026-08-07
Plain-English Summary
Plain-English summary pending. Introduced on 2026-08-07. Check back soon — summaries are generated as bills progress through Congress.
Subjects
Taxation
Full Bill Text
Verbatim text published on Congress.gov via GovInfo. Use Cmd+F / Ctrl+F to search within this excerpt.
[Congressional Bills 119th Congress] [From the U.S. Government Publishing Office] [S. 5366 Introduced in Senate (IS)] <DOC> 119th CONGRESS 2d Session S. 5366 To amend the Internal Revenue Code of 1986 to allow 5-year carrybacks for the low-income housing tax credit. _______________________________________________________________________ IN THE SENATE OF THE UNITED STATES 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 _______________________________________________________________________ A BILL 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. <all>
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