Section 1 Short title
This Act may be cited as the “Low Income Housing Tax Credit Landlord Accountability Act of 2024” or the “LIHTC Landlord Accountability Act of 2024”.
Low Income Housing Tax Credit Landlord Accountability Act of 2024
A BILL
To amend the Internal Revenue Code of 1986 to require building inspections for certain qualified low-income buildings.
Sec. 2 Low income housing tax credit building inspection requirements
In general— Section 42(d)(2)(B) of the Internal Revenue Code of 1986 is amended in clause (iii) by striking “and” at the end, in clause (iv) by striking the period at the end and inserting “, and”, and by adding at the end the following new clause:
“(v) the building meets the requirements of applicable local, State, Federal, and Tribal laws relating to safety, habitability, or environment protection, as certified by an appropriately licensed professional during the credit period.”
Required annual reports— Section 42(l)(2) of such Code is amended by striking “may require taxpayers” and inserting “shall require each taxpayer that owns a qualified low-income building”.
Physical condition assessment required— Section 42(l)(2) of such Code is amended by redesignating subparagraph (C) as subparagraph (D) and by inserting after subparagraph (B) the following new subparagraph:
“(B) a physical condition assessment including photographs and a detailed narrative of the interior and exterior of the structure completed by an appropriately licensed professional—
“(i) evaluating the structural, physical, and health and safety conditions of the structural and mechanical systems of each such building, and
“(ii) providing cost estimates for maintaining the building and any necessary rehabilitation or remediation work.”
Report to Congress— Section 42 of such Code is amended by redesignating subsection (n) as subsection (o) and by inserting after subsection (m) the following new subsection:
“(n) Report to Congress—The Secretary shall annually submit a report to Congress summarizing the contents of returns submitted to the Secretary under subsection (l)(2) during the preceding calendar year.”
Effective date— The amendments made by this section shall apply to taxable years beginning after the date of the enactment of this Act.