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An AI model extracted this from the bill’s official record and can make mistakes. Check the official text ↗ (opens in new tab)

Investment credit

A type of tax credit that directly reduces a taxpayer's tax bill, typically granted for investments in certain activities or assets.

Qualified conversion expenditures

The specific costs that can be counted towards the tax credit, such as construction and renovation expenses for converting a building, but generally not the cost of buying the building itself.

Non-residential building

A building primarily used for purposes other than living, such as offices, retail stores, or warehouses.

Affordable housing

Housing units with capped rents, set aside for people whose income falls below a certain percentage of the average income for their local area.

Area median income (AMI)

The midpoint income for a particular region; half the households in that area earn more than the median, and half earn less.

Rent-restricted

A housing unit where the rent charged to tenants is capped at a specific amount, usually based on a percentage of the area median income.

Housing credit agency

A state-level government body or authority responsible for overseeing and distributing certain federal housing programs and tax credits within that state.