To amend the Internal Revenue Code of 1986 to disregard veteran disability compensation or pension payments in determining income for purposes of the low income housing tax credit and qualified residential rental project bonds.
Latest Action
Referred to the House Committee on Ways and Means.
Official Summary
Official summary has not been imported yet.
GovScope Watchdog™
AI Government Intelligence™This bill proposes an amendment to the Internal Revenue Code of 1986 to exclude veteran disability compensation or pension payments from the calculation of income when determining eligibility for the low income housing tax credit and qualified residential rental project bonds. By disregarding these payments, the bill aims to potentially increase access to affordable housing benefits for veterans receiving such compensation or pensions.
The bill seeks to adjust income calculations for housing-related tax credits and bonds by excluding veteran disability compensation and pension payments, potentially expanding housing benefits for veterans.
- Amends the Internal Revenue Code of 1986 to exclude veteran disability compensation or pension payments from income calculations.
- Applies specifically to eligibility criteria for the low income housing tax credit and qualified residential rental project bonds.
- Aims to improve housing affordability options for veterans receiving disability compensation or pensions.
['Veterans receiving disability compensation or pension payments', 'Low income housing developers utilizing tax credits and bonds', 'Organizations involved in affordable housing projects']
['Implementation challenges in verifying and excluding veteran disability compensation or pension payments from income calculations.', 'Potential impact on the allocation and distribution of low income housing tax credits and bonds.', 'Oversight requirements to ensure proper application of the income exclusion.']
The bill was introduced in the House during the 118th Congress and referred to the House Committee on Ways and Means on September 24, 2024. It falls under the policy area of Armed Forces and National Security, reflecting a focus on veterans' benefits and housing policy. The bill status is noted as Failed / Expired, indicating it did not advance to enactment during the session.
Hidden impact flags detected: 1
GovScope reviewed 1 policy-risk categories. Hover for a quick definition. Click detected flags for bill-specific details.
['Potential increase in the number of veterans qualifying for low income housing tax credits and bonds, possibly affecting housing market dynamics.', 'Possible changes in the distribution of affordable housing resources due to altered income eligibility criteria.', 'Administrative adjustments required for tax authorities and housing agencies to implement the income exclusion.']
The bill lacks a full official summary and full text in the provided data, limiting detailed analysis. Oversight mechanisms and cost implications are not detailed, which are important for transparency and implementation monitoring. The bill's failure to advance suggests limited legislative support or prioritization during the session.
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