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Affordable Housing Tax Credit Boost and GSP Trade Program Extension and Reform.

This bill modifies tax credits for low-income housing, aiming to increase the supply of affordable homes by raising credit limits and easing financing requirements. It also reauthorizes the Generalized System of Preferences (GSP) trade program until 2029, which allows duty-free imports from developing countries. Crucially, the GSP reform introduces stricter eligibility criteria related to human rights, environmental protection, and digital trade practices for beneficiary countries.
Key points
Affordable Housing Boost: Increases the State housing credit ceiling for the Low-Income Housing Credit for calendar years 2023, 2024, and 2025.
Easier Project Financing: Lowers the minimum tax-exempt bond financing requirement for housing projects from 50% to 30%, making it easier to fund affordable housing construction.
Trade Program Extension: Extends the Generalized System of Preferences (GSP), which affects the cost of imported goods, until December 31, 2029.
Stricter Trade Rules: Adds new criteria for GSP eligibility, requiring beneficiary countries to effectively enforce environmental laws, protect human rights, and eliminate digital trade barriers.
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Additional Information
Print number: 118_S_4915
Sponsor: Sen. Cantwell, Maria [D-WA]
Process start date: 2024-07-31
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OFFICIAL LEGAL TITLE

A bill to amend the Internal Revenue Code of 1986 to modify the low-income housing credit and to reauthorize and reform the Generalized System of Preferences, and for other purposes.

FREQUENTLY ASKED QUESTIONS

What is the official ID of this bill?

The official print number for this legislation is 118_S_4915.

Which chamber initiated this legislation?

This legislation was initiated in the Senate.

When did the legislative process begin?

The process officially started on 2024-07-31.

What are the main provisions?

Key points include:

  • Affordable Housing Boost: Increases the State housing credit ceiling for the Low-Income Housing Credit for calendar years 2023, 2024, and 2025.
  • Easier Project Financing: Lowers the minimum tax-exempt bond financing requirement for housing projects from 50% to 30%, making it easier to fund affordable housing construction.
  • Trade Program Extension: Extends the Generalized System of Preferences (GSP), which affects the cost of imported goods, until December 31, 2029.
  • Stricter Trade Rules: Adds new criteria for GSP eligibility, requiring beneficiary countries to effectively enforce environmental laws, protect human rights, and eliminate digital trade barriers.
What is the specific legal status?

The current status is Expired.

Where can I read the full text of this legislation?

The full official text is available at: View full text

Who is the primary sponsor?

The primary sponsor is Sen. Cantwell, Maria [D-WA].

What is the latest detailed status?

The latest detailed status is: Introduced in Senate

Is this summary verified?

Yes. This content was analyzed by AI and verified by the Lustra Judge System on 2025-12-26.

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