The bill S. 5366 proposes to amend the Internal Revenue Code of 1986 to allow taxpayers to carry back unused low-income housing tax credits for up to five years. This means that if developers or investors do not fully utilize their tax credits in a given year, they can apply those credits to previous tax years, potentially receiving tax refunds or reducing tax liabilities from those years.
S. 5366 was introduced in the 119th Congress by Ruben Gallego (Democrat) and is currently listed as “Introduced”. It is classified under the Taxation policy area, one of 215 bills in that area we track this Congress.
Ruben Gallego is the sponsor of 12 bills in our database this Congress, so S. 5366 is part of a broader legislative agenda rather than a one-off proposal.
Our conflict-of-interest analysis rates S. 5366 2/10 (low risk), higher than 76% of analyzed bills; the average in Taxation is 2.2/10.
Supporters of S. 5366 argue that allowing a five-year carryback for low-income housing tax credits will encourage more investment in affordable housing. They believe this change could help stimulate the construction of new low-income housing units, addressing the ongoing housing crisis and benefiting low-income families.
Critics of S. 5366 express concerns that extending the carryback period for low-income housing tax credits may lead to a reduction in federal revenue. They argue that this could divert funds from other essential programs and services, questioning whether the benefits of increased investment in affordable housing outweigh the potential fiscal drawbacks.
The analysis of Bill S. 5366, which aims to amend the Internal Revenue Code to allow 5-year carrybacks for the low-income housing tax credit, reveals no direct industry overlaps with the sponsor Ruben Gallego's top donor industries. Gallego's top donors are primarily from the health professionals sector, contributing $120 million, and the retired sector, contributing $37.5 million. Since neither of these industries has a direct stake in low-income housing tax credits, the potential for conflicts of interest appears minimal. Voters should be aware that while campaign contributions can influence legislative priorities, in this case, the lack of overlap suggests that the bill's sponsorship is not directly financially motivated by donor interests. Therefore, the risk of conflict is assessed as low.
Top industries funding Ruben Gallego, ranked by total contributions.
Source: OpenSecrets.org (Center for Responsive Politics)
What does S. 5366 do?
The bill S. 5366 proposes to amend the Internal Revenue Code of 1986 to allow taxpayers to carry back unused low-income housing tax credits for up to five years. This means that if developers or investors do not fully utilize their tax credits in a given year, they can apply those credits to previous tax years, potentially receiving tax refunds or reducing tax liabilities from those years.
Has S. 5366 received a floor vote?
No roll-call vote on S. 5366 is recorded in our database yet. Its current status is “Introduced”.
Does S. 5366 have a conflict of interest?
Our conflict-of-interest analysis rates S. 5366 2/10 (low risk), higher than 76% of analyzed bills; the average in Taxation is 2.2/10. This score reflects overlap between the sponsor’s campaign funding, lobbying activity, and the industries the bill affects. It is a transparency indicator, not an accusation.
What is the status of S. 5366?
S. 5366 is currently “Introduced” as of our last update on August 13, 2026.
Who sponsored S. 5366?
S. 5366 was sponsored by Ruben Gallego (Democrat).
