Bill > HR3316

Introduced Session

To amend the Internal Revenue Code of 1986 to allow a credit against tax for neighborhood revitalization, and for other purposes. This bill establishes a new business-related tax credit to finance home building and rehabilitation in neighborhoods that meet certain eligibility criteria relating to poverty rates, income, and home values. The credit is limited to 35% of the lesser of the qualified development cost (i.e., the cost of construction, substantial rehabilitation, demolition, and environmental remediation of residential properties) or 80% of the national median sale price for new homes. The credit applies to single family homes containing four or fewer residential units, condominiums, or houses or apartments owned by cooperative housing corporations.

AI Summary

Committee Categories

Brian Higgins (D)*,  Don Bacon (R),  Joyce Beatty (D),  Anthony Brown (D),  Cheri Bustos (D),  André Carson (D),  Emanuel Cleaver (D),  Joe Courtney (D),  Rosa DeLauro (D),  Antonio Delgado (D),  Michael Doyle (D),  Dwight Evans (D),  Drew Ferguson (R),  Brian Fitzpatrick (R),  Ruben Gallego (D),  Anthony Gonzalez (R),  Marcy Kaptur (D),  Mike Kelly (R),  Dan Kildee (D),  Darin LaHood (R),  John Larson (D),  Betty McCollum (D),  Stephanie Murphy (D),  Bill Pascrell (D),  Guy Reschenthaler (R),  Denver Riggleman (R),  Tim Ryan (D),  Terri Sewell (D),  Lloyd Smucker (R),  Pete Stauber (R),  Steve Stivers (R),  Fred Upton (R),  Jackie Walorski (R), 

Referred to the House Committee on Ways and Means. (on 06/18/2019)

Official Document