Sens. Ruben Gallego (D-AZ) and Mike Rounds (R-SD) have introduced the Affordable Housing Credit Carryback Act (S. 5366), a Senate companion to legislation previously introduced in the House by Reps. Mike Carey (R-OH) and Jimmy Panetta (D-CA).
The legislation would extend the Housing Credit carryback period from one year to five years. A longer carryback period would give Housing Credit investors more flexibility and certainty in using their credits, potentially expanding their ability to participate in Housing Credit investments.
The introduction of S. 5366 gives Congress an opportunity to further consider the proposal and build support for extending the Housing Credit carryback period. A longer carryback period could provide additional flexibility for investors and help strengthen the Housing Credit investment market.
The Senate legislation follows the House introduction of H.R. 9012, creating companion proposals in both chambers focused on the same change to the Housing Credit carryback period.