This legislative proposal seeks to modify the Internal Revenue Code of 1986. Its primary objective is to permit a 5-year carryback for the low-income housing tax credit, a significant change from current law. Specifically, the bill amends Section 39(a)(3) of the Code, which currently allows a 5-year carryback for the marginal oil and gas well production credit, to also include the low-income housing tax credit. This adjustment would enable developers of affordable housing projects to apply unused tax credits from the current year to reduce tax liabilities incurred in the preceding five years, potentially enhancing financial flexibility for such projects. The amendments made by this Act will take effect for taxable years beginning after its date of enactment.