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

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.