A bill to amend the Internal Revenue Code of 1986 to modify the low-income housing credit and to reauthorize and reform the Generalized System of Preferences, and for other purposes.

Bill 118 s 4915, also known as the "Low-Income Housing Credit Improvement Act of 2021," aims to make changes to the Internal Revenue Code of 1986 in order to enhance the low-income housing credit. This bill also seeks to reauthorize and reform the Generalized System of Preferences, which is a program that promotes economic growth in developing countries by providing duty-free access to certain goods imported into the United States.

The main focus of this legislation is to improve the low-income housing credit, which is a tax incentive program that encourages the development of affordable housing for low-income individuals and families. The bill proposes changes to the calculation of the credit, as well as adjustments to the eligibility requirements for developers and the allocation of credits to projects.

Additionally, the bill includes provisions to reauthorize and reform the Generalized System of Preferences, which is set to expire in December 2020. This program allows certain goods from developing countries to enter the United States duty-free, promoting economic growth and trade relationships with these countries. Overall, Bill 118 s 4915 aims to make important changes to the tax code in order to improve the availability of affordable housing for low-income individuals and families, as well as to support economic growth in developing countries through the Generalized System of Preferences program.