H.R. 9012 is a bill that seeks to amend the Internal Revenue Code of 1986 to allow a 5-year carryback for the low-income housing tax credit. This means that taxpayers who qualify for this credit would be able to apply any unused portion of the credit to their tax liability from the previous five years, potentially providing them with a refund or reducing their tax burden for those years.
Supporters of H.R. 9012 argue that allowing a 5-year carryback for the low-income housing tax credit would encourage investment in affordable housing. They believe it could provide much-needed financial relief to developers and investors who contribute to low-income housing projects, ultimately benefiting communities by increasing the availability of affordable housing options.
Critics of H.R. 9012 express concern that the bill may lead to a significant loss of tax revenue for the federal government, which could impact funding for other essential services. Some also argue that the carryback provision may primarily benefit larger developers rather than directly aiding low-income individuals in need of housing assistance.
The bill H.R. 9012 aims to amend the Internal Revenue Code to allow 5-year carrybacks for the low-income housing tax credit. The sponsor, Mike Carey, has significant financial backing from the health professionals industry, totaling $120 million, and from retired individuals, amounting to $37.5 million. However, there are no direct overlaps between the interests of these donor industries and the subject matter of the bill, which focuses on low-income housing tax credits. This lack of direct industry connection suggests that the financial interests of Carey's top donors are unlikely to influence the legislative outcome of this bill. Therefore, the risk of conflict of interest is assessed as low, as the primary focus of the bill does not align with the financial interests of the sponsor's major contributors.
Top industries funding Mike Carey, ranked by total contributions.
Source: OpenSecrets.org (Center for Responsive Politics)
