How HR 3540 changes current law

AI-generated reading aid from the bill's amendatory text — verify against the official bill.

The bill introduces a sunset provision for the low-income housing tax credit, terminating eligibility for credits for buildings placed in service after the enactment date.

• Section 42

  ``(o) Sunset.--No credit shall be determined under subsection (a) with respect to any building placed in service in a taxable year beginning after the date of the enactment of this subsection.''.

  This change establishes a sunset provision that disallows the low-income housing tax credit for buildings placed in service in taxable years after the law is enacted.