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Low-Income Housing Tax Credit (LIHTC)

A federal tax incentive given to private developers to build or renovate rental housing that is affordable for low-income households.

Internal Revenue Code of 1986

The primary collection of federal tax laws in the United States, which outlines rules for taxation.

Sunset

A provision in a law that automatically terminates the law or a specific part of it after a certain date or event, unless further legislative action is taken.

Building placed in service

The date when a newly constructed or substantially renovated building is ready and available for its intended use, typically for occupancy by tenants.

Taxable year

The annual accounting period used for keeping records and reporting income and expenses for tax purposes, typically a calendar year for individuals.