To amend the Internal Revenue Code of 1986 to replace the recapture bond provisions of the low income housing tax credit program.
Latest action. Sponsor introductory remarks on measure. (continuing resolutionA stopgap law funding the government at existing levels when the annual appropriations bills are not done by October 1.Read the full definition (opens a new tab) E2409-2410)
Amends the Internal Revenue Code to repeal provisions of the low income housing tax credit requiring a bond to cover recapture amounts from the disposition, prior to a 15-year compliance period, of a building (or interest therein) eligible for the credit. Provides for a three-year statute of limitation (from the end of the compliance period) for assessing a recapture deficiency.
Requires owners of buildings eligible for the low income housing tax credit to file informational returns with the Secretary of the Treasury upon the occurrence of a recapture event and to provide persons who are named in such returns with specified information. Imposes penalties for failure to file required returns.
Written by analysts at the Congressional Research Service and published on Congress.gov, not by Civibrief. Summarized at the "Introduced in House" stage on November 21, 2003. It describes the bill, it is not the legal text.
Sponsor introductory remarks on measure. (CR E2409-2410)
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Where is it in the process, and what happens next?
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The record's latest action, on November 22, 2003: Sponsor introductory remarks on measure. (CR E2409-2410)
How likely is it to become law?
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In the 108th Congress (2003-04), 498 of the 8,623 bills and joint resolutions introduced became law, about 5.8 percent. That count covers every measure at every stage, including the many that never left committee.
This one has no outstanding steps listed above.
Has anyone actually voted on it?
No. No roll call in this Congress cites this measure. That is the ordinary outcome: most measures never reach a recorded floor vote, and a committee ends most of them simply by not acting.
A vote is not the only thing that happens to a measure. Hearings, markups, and referrals are all recorded actions, and none of them is a vote of the full chamber.
Who is behind it?
AMO HOUGHTON (R-NY) introduced it on November 21, 2003, and 4 members have since signed on as cosponsors.
They come from both major parties: 3 Democrats, 1 Republican.
Cosponsoring is a formal signature on the text. It is not a commitment to vote for the measure, it does not bind anyone's party, and a long list of cosponsors is a measure of attention rather than of prospects.
How long has it been in play?
It was introduced on November 21, 2003, 8376 days ago. The most recent recorded action was 8375 days ago, on November 22, 2003.
Measures do not carry over. Anything the 108th Congress has not finished by January 3, 2005 dies when the term ends, and has to be introduced again from the start in the next Congress.
Every answer above is assembled from this measure's own record on Congress.gov and from published counts of what Congress has passed before. Civibrief does not predict outcomes and takes no position on any measure.
Vote history
- HouseSponsor introductory remarks on measure. (CR E2409-2410)
- SenateNot stated in the latest action
- PresidentNot stated in the latest action