Senators Maria Cantwell (D-WA) and Pat Roberts (R-KS) introduced bipartisan legislation (S 1193) on May 5 to create a permanent floor for the low income housing tax credit. The bill proposes to set the minimum LITHC rate for new construction at 9% and set it at 4% for existing properties. These rates would apply to buildings placed in served after December 31, 2014. The bill is currently under consideration by the Senate Finance Committee. It is is identical to the legislation introduced to the House (HR 1142) in late February by Congressmen Pat Tiberi (R-OH) and Richard Neal (D-MA).
Co-sponsors for the Senate legislation as of 5/6/15 include:
- Richard Blumenthal (D-CT)
- Cory Booker (D-NJ)
- Barbara Boxer (D-CA)
- Benjamin Cardin (D-MD)
- Michael Crapo (R-ID)
- Dianne Feinstein (D-CA)
- Al Franken (D-MN)
- Kirsten Gillibrand (D-NY)
- Mazie Hirono (D-HI)
- Angus King (I-ME)
- Amy Klobuchar (D-MN)
- Patrick Leahy (D-VT)
- Bob Menéndez (D-NJ)
- Patty Murray (D-WA)
- Bernie Sanders (I-VT)
- Chuck Schumer (D-NY)
- Jeanne Shaheen (D-NH)
- Debbie Stabenow (D-MI)
- Elizabeth Warren (D-MA)
- Sheldon Whitehouse (D-RI)
