Homeownership Tax Credit Would Include Use of State's Annual Ceiling
A measure introduced late last month by Rep. Rob Portman (R-Ohio) that would create a homeownership tax credit was referred to the House Committee on Ways and Means. House Resolution 5052, the Restoring the Dream Tax Credit Act, would provide a tax credit based on an applicable percentage of each qualified residence’s eligible basis to be allocated by a state agency from an annual ceiling and according to specific criteria outlined in a qualified allocation plan. For more information on single-family affordable housing tax credit proposals, click here.