Sec. 7. Tax credit incentive for maintenance of multifamily housing with voucher user tenants
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Subpart D of part IV of subchapter A of chapter 1 of the Internal Revenue Code of 1986 is amended by adding at the end the following new section: For purposes of section 38, in the case of an eligible landlord, the low-income housing maintenance credit determined under this section for the taxable year is an amount equal to the amount of the taxpayer’s low-income housing maintenance expenses for such taxable year. The credit allowed under subsection
(a)with respect to any taxpayer for any taxable year shall not exceed the product of $2,500 multiplied by the number of low-income housing units owned by the taxpayer. The credit allowed under subsection
(a)with respect to any taxpayer for any taxable year shall not exceed the product of $100,000 multiplied by the number of eligible low-income housing projects owned by the taxpayer. The credit allowed under subsection
(a)with respect to any taxpayer for any taxable year shall not exceed $500,000. For purposes of this section, the term eligible landlord means any taxpayer for any taxable year if— such taxpayer owns one or more eligible low-income housing projects during such taxable year, and either— each complaint that is filed, under the program under section 5(b) of the Landlord Accountability Act of 2023 , during such taxable year with respect to a dwelling unit in an eligible low-income housing project owned by such taxpayer has been determined by the Secretary of Housing and Urban Development to have been remedied not later than the date which is 30 days after the date on which such complaint is so filed, or no such complaint has been filed with respect to such a dwelling unit in such a housing project owned by such taxpayer during such taxable year. For purposes of this section— The term low-income housing maintenance expenses means the aggregate amount paid or incurred by the taxpayer during the taxable year for maintenance or improvement of low-income housing units. The term eligible low-income housing project means, with respect to a taxable year, a housing project— that consists of five or more dwelling units at least one of which was occupied during such year by a family who rented the dwelling unit using a voucher for rental assistance under section 8(o) of the United States Housing Act of 1937 ( 42 U.S.C. 1437f(o) ); and with respect to which the eligible landlord has entered into such binding agreements as the Secretary of Housing and Urban Development shall require to ensure that rents for dwelling units in the project do not, at any time after the taxable year in which a low-income housing maintenance credit under this section is allowable, exceed the applicable fair market rental under section 8(c) of the United States Housing Act of 1937 ( 42 U.S.C. 1437f(c) ) for the market area in which the project is located. The term low-income housing unit means a dwelling unit within an eligible low-income housing project. All persons treated as a single employer under subsection
(a)or
(b)of section 52 or subsection
(m)or
(o)of section 414 shall be treated as one person for purposes of applying this section. The credit determined under subsection
(a)(after application of subsection (b)) shall be allocated among such persons in such manner as the Secretary may prescribe. No credit shall be determined under this section with respect to any taxable year beginning after December 31, 2033. . Section 38(b) of such Code is amended by striking plus at the end of paragraph (37), by striking the period at the end of paragraph
(38)and inserting , plus , and by adding at the end the following new paragraph: in the case of an eligible landlord (as defined in section 45AA(c)), the low-income housing maintenance credit determined under section 45AA. . The table of sections for subpart D of part IV of subchapter A of chapter 1 of such Code is amended by adding at the end the following new item: Sec. 45AA. Low-income housing maintenance credit. . The amendments made by this section shall apply to taxable years beginning after December 31, 2023.
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Sec. 7
Tax credit incentive for maintenance of multifamily housing with voucher user tenants
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