New Homes Tax Credit Act

[AI summary unavailable — showing source text] [Congressional Bills 118th Congress] [From the U.S. Government Publishing Office] [S. 5196 Introduced in Senate (IS)] <DOC> 118th CONGRESS 2d Session S. 5196 To amend the Internal Revenue Code of 1986 to establish the New Homes Tax Credit. _______________________________________________________________________ IN THE SENATE OF THE UNITED STATES September 25, 2024 Mr. Heinrich (for himself, Mr. Wyden, Mr. Welch, and Mr. Van Hollen) introduced the following bill; which was read twice and referred to the Committee on Finance _______________________________________________________________________ A BILL To amend the Internal Revenue Code of 1986 to establish the New Homes Tax Credit. Be it enacted by the Senate and House of Representatives of the United States of America in Congress assembled, SECTION 1. SHORT TITLE. This Act may be cited as the ``New Homes Tax Credit Act''. SEC. 2. ESTABLISHMENT OF NEW HOMES TAX CREDIT. (a) In General.--Subpart D of part IV of subchapter A of chapter 1 of the Internal Revenue Code of 1986 is amended by inserting after section 45AA the following new section: ``SEC. 45BB. NEW HOMES TAX CREDIT. ``(a) Allowance of Credit.-- ``(1) In general.--For pu…