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H.R. 9012House119th Congress (2025-2027)In Committee

Affordable Housing Credit Carryback Act

Sponsored by Mike CareyRep. Mike Carey (R-OH)
Introduced May 22, 2026

AI-Generated Summary

Updated June 3, 2026 at 5:22 AM UTC

The Affordable Housing Credit Carryback Act would change the tax code so that the low‑income housing tax credit can be carried back up to five years. This lets developers or investors who earn the credit apply it to a prior year’s tax liability, potentially providing quicker cash‑flow benefits. The change applies to any taxable year that begins after the law is enacted.

Key Provisions

  • Amends Internal Revenue Code § 39(a)(3) to add the low‑income housing tax credit (section 42) to the list of credits that may be carried back.
  • Specifies that the credit can be carried back for up to five taxable years.
  • The amendment takes effect for taxable years beginning after the law’s enactment.

Legislative Activity

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1 earlier action
HouseIntro Referral Latest Action

Referred to the House Committee on Ways and Means.

Ways and Means Committee

May 22, 2026

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HouseIntro Referral

Introduced in House

May 22, 2026

HouseIntro Referral

Referred to the House Committee on Ways and Means.

Ways and Means Committee

May 22, 2026

Bill Text

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Introduced in HouseIssued May 22, 2026

I

119th CONGRESS

2d Session

H. R. 9012

IN THE HOUSE OF REPRESENTATIVES

May 22, 2026

Mr. Carey (for himself and Mr. Panetta) introduced the following bill; which was referred to the Committee on Ways and Means

A BILL

To amend the Internal Revenue Code of 1986 to allow 5-year carrybacks for the low-income housing tax credit.

1.

Short title

This Act may be cited as the Affordable Housing Credit Carryback Act.

2.

5-year carryback for low-income housing tax credit

(a)

In general

Section 39(a)(3) of the Internal Revenue Code of 1986 is amended—

(1)

in the heading, by striking marginal oil and gas well production credit and inserting certain credits,

(2)

by inserting or the low-income housing tax credit allowed under section 42 after well production credit in the matter preceding subparagraph (A), and

(3)

in subparagraph (A), by inserting or the low-income housing tax credit, as applicable after well production credit.

(b)

Effective date

The amendments made by this section shall apply to taxable years beginning after the date of the enactment of this Act.