H.R. 3126

119 HR 3126 IH: Promoting Submetering for Affordable Housing Act
 U.S. House of Representatives
 2025-04-30
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 I  119th CONGRESS  1st Session  H. R. 3126  IN THE HOUSE OF REPRESENTATIVES   April 30, 2025   Ms. Tenney  introduced the following bill; which was referred to the  Committee on Ways and Means    A BILL
To amend the Internal Revenue Code of 1986 to increase the low-income housing credit for projects that use water submetering.
1.
Short title
This Act may be cited as the   Promoting Submetering for Affordable Housing Act  .
2.
Increase in credit for projects that use water submetering
(a)
In general
Paragraph (5) of  section 42(d)  of the Internal Revenue Code of 1986 is amended by adding at the end the following new subparagraph:
(C)
Increase in credit for projects that use water submetering
In the case of any building—
(i)
which contains 4 or more units,
(ii)
which uses water submeters for purposes of billing each unit separately, and
(iii)
in which tenants have access to read water submeters, including in landlord-controlled areas, within 72 hours of making a request for such information,
 the eligible basis of such building shall be 105 percent of such basis determined without regard to this subparagraph.
 .
(b)
Effective date
The amendment made by this section shall apply to buildings which receive allocations of housing credit dollar amount or, in the case of projects financed by tax-exempt obligations as described in  section 42(h)(4)  of the Internal Revenue Code of 1986, which are first taken into account under section 146 of such Code, after the date of the enactment of this Act.