This bill would change the Internal Revenue Code to allow a five-year carryback for the low-income housing tax credit (the credit under section 42). It amends section 39(a)(3) by adding the low-income housing tax credit to the list of credits eligible for a five-year carryback and by changing the heading to refer to certain credits. The bill says the change will apply to taxable years beginning after the date the bill becomes law. The bill was introduced in the House on May 22, 2026, by Representatives Mike Carey, Jimmy Panetta, and Susie Lee and was referred to the House Committee on Ways and Means.
If you claim the low-income housing tax credit under section 42, this bill would let you carry that credit back up to five years for taxable years beginning after the bill becomes law. Other taxpayers or credits are not changed by this bill text as provided.
No publicly available information on estimated costs or budget effects is included in the provided materials.
Sponsors: Mike Carey, Jimmy Panetta, Susie Lee. No publicly available information on their stated reasons or supporting statements is included in the provided materials.
No publicly available information on opponents' views or objections is included in the provided materials.