Low-Income Housing Tax Credit Elimination Act

This bill would end the federal Low-Income Housing Tax Credit for new projects going forward. It says no tax credit can be claimed for any building that starts being used in a tax year that begins after the bill becomes law. Existing projects already in service before that time are not addressed in the text, but new projects after enactment would not qualify for the credit.

Key points:

• What changes: Stops new Low-Income Housing Tax Credits after enactment for buildings placed in service in later tax years.
• Who is affected: Future housing projects that would have relied on this credit to lower costs; people and groups planning to build or invest in affordable housing.
• When: Applies to tax years that begin after the date the bill becomes law.