A bill to amend the Internal Revenue Code of 1986 to modify the low-income housing credit and to reauthorize and reform the Generalized System of Preferences, and for other purposes.
Latest Action
Read twice and referred to the Committee on Finance.
Official Summary
Official summary has not been imported yet.
GovScope Watchdog™
AI Government Intelligence™This Senate bill, numbered 4915 in the 118th Congress, proposes amendments to the Internal Revenue Code of 1986. The amendments focus on modifying the low-income housing credit and reauthorizing and reforming the Generalized System of Preferences (GSP). The low-income housing credit is a tax incentive aimed at encouraging investment in affordable housing, while the GSP is a trade program that provides preferential duty-free treatment for certain products imported from designated beneficiary countries. The bill was read twice and referred to the Senate Committee on Finance but ultimately failed or expired without further action. No full text or detailed summary is available to provide specifics on the nature of the modifications or reforms.
The bill sought to update tax incentives for affordable housing and reform trade preferences but did not advance beyond committee referral and expired without passage.
- Amends the Internal Revenue Code of 1986 to modify the low-income housing credit.
- Reauthorizes and reforms the Generalized System of Preferences trade program.
- Introduced in the Senate and referred to the Committee on Finance but failed or expired.
['Developers and investors in low-income housing projects who may receive modified tax credits.', 'Countries and exporters eligible under the Generalized System of Preferences program.', 'Potentially, consumers and communities benefiting from increased affordable housing and trade preferences.']
['Lack of detailed legislative text limits clarity on the scope and impact of modifications to tax credits and trade preferences.', 'Potential fiscal impact on federal revenues due to changes in tax credits and trade programs.', 'Oversight and enforcement mechanisms for the reformed GSP program are unspecified.', 'Implementation challenges related to coordinating tax code changes with trade policy reforms.']
The bill was introduced in the Senate during the 118th Congress and referred to the Committee on Finance, which handles taxation and trade-related legislation. The failure or expiration of the bill indicates it did not progress through the legislative process. The bill addresses two significant policy areas: affordable housing tax incentives and trade preference programs, both of which are periodically reviewed and updated by Congress.
Hidden impact flags detected: 2
GovScope reviewed 2 policy-risk categories. Hover for a quick definition. Click detected flags for bill-specific details.
['Potential increase in affordable housing development if tax credit modifications incentivize investment.', 'Changes in trade flows and import patterns due to reformed GSP program affecting beneficiary countries and U.S. industries.', 'Possible shifts in federal budget allocations related to tax expenditures and trade administration.']
The absence of a full bill text and official summary limits transparency and public understanding of the bill's detailed provisions and impacts. Monitoring legislative progress and obtaining detailed fiscal analyses would be necessary for comprehensive oversight. The referral to the Committee on Finance aligns with the bill's focus on taxation and trade, but the failure to advance suggests limited legislative support or prioritization during the 118th Congress.
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