A bill to amend the Internal Revenue Code of 1986 to provide that housing assistance provided under the Native American Housing Assistance and Self-Determination Act of 1996 shall be treated for purposes of the low-income housing credit in the same manner as comparable assistance.
The source supplies the latest action, but no lifecycle stage.
Latest action (28 Jul 1998): Read twice and referred to the Committee on Finance.
What this bill does
This bill, S. 2366, would amend the Internal Revenue Code. Specifically, it would change how certain housing assistance provided under the Native American Housing Assistance and Self-Determination Act of 1996 is treated for purposes of the low-income housing credit.
Under the proposed change, this Native American housing assistance would be disregarded when determining if a building is considered federally subsidized for low-income housing credit purposes. This means it would be treated similarly to other comparable types of housing assistance. The bill aims to ensure that Native American housing assistance does not negatively affect a building's eligibility for the low-income housing credit.
This bill was introduced in the Senate in July 1998. It was referred to the Senate Committee on Finance. As it has only been introduced, it has not yet become law. For the bill to become law, it would need to be passed by both the Senate and the House of Representatives and then signed by the President.
Plain-English summary generated by Bill100 AI from the official record. Always verify against the source below.
Official summary
Amends the Internal Revenue Code to disregard certain Native American housing assistance in determining whether a building is federally subsidized for low-income housing credit purposes.
Timeline
28 Jul 1998
Read twice and referred to the Committee on Finance.
Common questions
- What does S. 2366 do?
- This bill, S. 2366, would amend the Internal Revenue Code. Specifically, it would change how certain housing assistance provided under the Native American Housing Assistance and Self-Determination Act of 1996 is treated for purposes of the low-income housing credit. Under the proposed change, this Native American housing assistance would be disregarded when determining if a building is considered federally subsidized for low-income housing credit purposes. This means it would be treated similarly to other comparable types of housing assistance. The bill aims to ensure that Native American housing assistance does not negatively affect a building's eligibility for the low-income housing credit. This bill was introduced in the Senate in July 1998. It was referred to the Senate Committee on Finance. As it has only been introduced, it has not yet become law. For the bill to become law, it would need to be passed by both the Senate and the House of Representatives and then signed by the President.
- Has S. 2366 become law?
- The source does not supply a confirmed lifecycle stage for S. 2366. Check the latest action and official source below.
- Who sponsored S. 2366?
- S. 2366 was sponsored by Sen. Johnson, Tim [D-SD] (D-SD), with 13 cosponsors.
- What's the latest action on S. 2366?
- Read twice and referred to the Committee on Finance. (28 Jul 1998).
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