To amend the Internal Revenue Code of 1986 to disregard veteran disability compensation or pension payments in determining income for purposes of the low income housing tax credit and qualified residential rental project bonds.
Impact
The implications of HB 9788 are significant for veterans seeking affordable housing. By disregarding these forms of compensation in income calculations, the bill facilitates greater access to low-income housing tax credits. This move is expected to enhance the housing situation for many veterans, ensuring that their benefits do not unfairly hinder their eligibility for crucial housing assistance. The change will apply to determinations made following the enactment of this legislation.
Summary
House Bill 9788 aims to amend the Internal Revenue Code of 1986 to exclude veteran disability compensation or pension payments when determining income for eligibility in low-income housing tax credits and qualified residential rental project bonds. This bill seeks to provide additional financial leeway for veterans who receive these compensation payments, allowing them to qualify for housing assistance that they might otherwise be excluded from due to their reported income levels.
Contention
Despite the supportive intentions behind the bill, there may be points of contention regarding its fiscal implications. Critics may argue that exempting such payments could lead to increased costs for housing programs funded by taxpayer dollars. However, proponents emphasize the need to support veterans who have served the country and may struggle financially despite receiving disability benefits, which are often insufficient to cover living expenses.
To amend the Internal Revenue Code of 1986 to allow a credit against income tax for qualified conservation contributions which include National Scenic Trails.
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A bill to amend the Internal Revenue Code of 1986 to require taxpayers claiming the child and earned income tax credits, and their qualifying children, to have a valid social security number for employment purposes.