To amend the Internal Revenue Code of 1986 to disregard veteran disability compensation or pension payments in determining income for purposes of the low income housing tax credit and qualified residential rental project bonds.

This bill amends the tax code to exclude veteran disability compensation or pension payments (from Title 38, U.S. Code) when calculating income for two housing programs: the Low Income Housing Tax Credit and Qualified Residential Rental Project Bonds. It directly affects veterans receiving these disability payments who apply for or qualify for these housing tax benefits. The key provision adds a specific exclusion to the income calculation rules, ensuring these veteran payments are not counted as income for eligibility purposes. This change simplifies the income determination process for veterans seeking housing assistance through these federal programs. The amendment applies to income determinations made after the bill's enactment date.