S. 2366 (109th): A bill to amend the Internal Revenue Code of 1986 to replace the recapture bond provisions of the low income housing tax credit program.

Introduced:
Mar 03, 2006 (109th Congress, 2005–2006)
Sponsor:
Sen. Blanche Lincoln [D-AR]
Status:
Died (Referred to Committee)

The bill’s title was written by the bill’s sponsor. S. stands for Senate bill.

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Status

This bill was introduced on March 3, 2006, in a previous session of Congress, but was not enacted.

Progress
Introduced Mar 03, 2006
Referred to Committee Mar 03, 2006
Cosponsors
2 cosponsors (2R) (show)
Committees

Senate Finance

The committee chair determines whether a bill will move past the committee stage.

Summary

No summaries available.

Text

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Last updated Mar 03, 2006.
6 pages

Primary Source

View on THOMAS (The Library of Congress)

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GovTrack’s Bill Summary

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Library of Congress Summary

The summary below was written by the Congressional Research Service, which is a nonpartisan division of the Library of Congress.

3/3/2006--Introduced.
Amends the Internal Revenue Code to repeal provisions of the low income housing tax credit requiring a bond to cover recapture amounts from the disposition, prior to a 15-year compliance period, of a building (or interest therein) eligible for the credit.
Provides for a three-year statute of limitation (from the end of the compliance period) for assessing a recapture deficiency.
Requires owners of buildings eligible for the low income housing tax credit to file informational returns with the Secretary of the Treasury upon the occurrence of a recapture event and to provide persons who are named in such returns with specified information.
Imposes penalties for failure to file required returns.

House Republican Conference Summary

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No summary available.

House Democratic Caucus Summary

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