Affordable Housing Credit Carryback Act
The source supplies the latest action, but no lifecycle stage.
Latest action (7 Aug 2026): Read twice and referred to the Committee on Finance.
What this bill does
S. 5366 would amend the Internal Revenue Code of 1986 to allow a 5-year carryback for the low-income housing tax credit. In general terms, a carryback provision lets a taxpayer apply a current tax credit against tax liability from prior years, rather than only against future years; this bill would extend that carryback period to five years specifically for the low-income housing tax credit. Beyond this stated purpose, no further details of the bill's provisions are available, as its full legislative text has not yet been published.
The bill would affect taxpayers who claim the low-income housing tax credit, a federal incentive used to support the development of affordable rental housing. Because the specific mechanics, effective dates, and any additional conditions are not yet public, the precise scope of who benefits and how cannot be described further at this time.
The bill was introduced in the Senate on August 7, 2026, by Sen. Ruben Gallego (D-AZ), and its current status is "Introduced." This is an early stage in the legislative process: the bill would typically next be referred to a Senate committee for consideration before any further action, such as a committee vote, floor vote, or amendment, could occur. No additional action has been recorded beyond its introduction.
Plain-English summary generated by Bill100 AI from the official record. Always verify against the source below.
Timeline
7 Aug 2026
Read twice and referred to the Committee on Finance.
Common questions
- What does S. 5366 do?
- S. 5366 would amend the Internal Revenue Code of 1986 to allow a 5-year carryback for the low-income housing tax credit. In general terms, a carryback provision lets a taxpayer apply a current tax credit against tax liability from prior years, rather than only against future years; this bill would extend that carryback period to five years specifically for the low-income housing tax credit. Beyond this stated purpose, no further details of the bill's provisions are available, as its full legislative text has not yet been published. The bill would affect taxpayers who claim the low-income housing tax credit, a federal incentive used to support the development of affordable rental housing. Because the specific mechanics, effective dates, and any additional conditions are not yet public, the precise scope of who benefits and how cannot be described further at this time. The bill was introduced in the Senate on August 7, 2026, by Sen. Ruben Gallego (D-AZ), and its current status is "Introduced." This is an early stage in the legislative process: the bill would typically next be referred to a Senate committee for consideration before any further action, such as a committee vote, floor vote, or amendment, could occur. No additional action has been recorded beyond its introduction.
- Has S. 5366 become law?
- The source does not supply a confirmed lifecycle stage for S. 5366. Check the latest action and official source below.
- Who sponsored S. 5366?
- S. 5366 was sponsored by Sen. Gallego, Ruben [D-AZ] (D-AZ), with 1 cosponsor.
- What's the latest action on S. 5366?
- Read twice and referred to the Committee on Finance. (7 Aug 2026).
Related bills in Taxation
National Taxpayer Advocate Enhancement Act of 2025
End Tax Penalties on American Hostages Act
School Freedom Act of 2026
RELA Act of 2026
More bills from Sen. Gallego, Ruben [D-AZ]
Supporting Focus in Schools Act
Restore Veterans’ Compensation Act of 2026
Double the Wage for Overtime Act of 2026
Parental Approval for Youth Social Media Act of 2026
Bill100 mirrors the public U.S. legislative record from Congress.gov and GovTrack and adds plain-English AI summaries. It is an information tool, not legal, compliance or lobbying advice, and it is not affiliated with the U.S. Congress or any government agency. AI summaries can simplify or omit detail — every bill links to the official source; verify there before you rely on it.