To preserve the value of the low-income housing tax credit.

1. Adds SEC. ____. LOW-INCOME HOUSING TAX CREDIT at the end of subtitle C of title V

   Adds a section

   In S. 1054 · Placed on Calendar Senate

   (c) Effective Date.--The amendments made by this section shall apply to amounts paid or accrued after the date of enactment of this section in taxable years ending after such date.

   Inserted: SEC. ____. LOW-INCOME HOUSING TAX CREDIT.

   Inserted: (a) Findings.--The Senate finds the following:

   Inserted: (1) The low-income housing tax credit is the Nation's primary program for producing affordable rental housing.

   Inserted: (2) Each year, the low-income housing tax credit produces over 115,000 affordable apartments.

   Inserted: (3) Since Congress created the low-income housing tax credit in 1986, the credit has created 1,500,000 units of affordable housing for about 3,500,000 Americans.

   Inserted: (4) Analyses have found that certain approaches to reducing or eliminating the taxation of dividends have the potential to reduce the value of the low-income housing tax credit and so reduce the amount of affordable housing available.

   Inserted: (5) As of 2001, over 7,000,000 American renter families (1 in 5) suffer severe housing affordability problems, meaning that the family spends more than half of its income on rent or lives in substandard housing.

   Inserted: (6) More than 150,000 apartments in the low-cost rental housing inventory are lost each year due to rent increases, abandonment, and deterioration.

   Inserted: (b) Sense of the Senate.--It is the sense of the Senate that any reduction or elimination of the taxation on dividends should include provisions to preserve the success of the low-income housing tax credit.

   Original wording

   At the end of subtitle C of title V add the following:

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As printed