FIXER Act

This bill changes federal tax law so that state and local bond issuers can choose to exclude certain tax-exempt housing bonds from their yearly limit, or volume cap, on private activity bonds. The exception covers bonds for residential rental projects when at least 95 percent of the money is used to preserve, improve, or replace certain existing affordable housing, including low-income housing tax credit buildings still under long-term use rules, and federally or state-assisted buildings. For these bonds, the share of existing building rehabilitation costs used to meet a rule on buying existing property would change from 15 percent to 50 percent. Projects funded with these bonds would still qualify for the low-income housing tax credit as if the bonds counted toward the cap. Once an issuer makes this choice, it cannot be undone, and the change applies to bonds issued after the bill becomes law.

Full text and official record on Congress.gov

Sponsors

• Daniel S. Goldman Democrat sponsor
• 1 cosponsors