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.

S 4915 modifies the low-income housing credit program by extending the state housing credit ceiling through 2025 and changing tax-exempt bond financing requirements for qualifying housing projects. It also reauthorizes and reforms the Generalized System of Preferences (GSP) program, which provides duty-free market access for goods from developing countries. The bill adds new eligibility criteria for GSP beneficiary countries, including requirements related to environmental protection, human rights compliance, women's economic empowerment, and digital trade policies. The GSP program is extended through December 31, 2029, with new annual reporting and assessment requirements for the program's effectiveness. These changes directly affect low-income housing developers, housing finance agencies, and developing countries seeking to maintain duty-free access to U.S. markets under the GSP program.