summary
Introduced
06/25/2020
06/25/2020
In Committee
06/25/2020
06/25/2020
Crossed Over
Passed
Dead
12/31/2020
12/31/2020
Introduced Session
116th Congress
Bill Summary
A bill 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
This bill establishes a new business-related tax credit to finance home building and rehabilitation in neighborhoods that meet certain eligibility criteria related to poverty rates, income, and home values. The credit is limited to 35% of the lesser of the qualified development cost (the cost of construction, rehabilitation, demolition, and environmental remediation) or 80% of the national median sale price for new homes. The credit applies to single-family homes with four or fewer units, condominiums, and cooperative housing units. The bill also sets forth responsibilities for the neighborhood homes credit agencies that administer the program, including creating qualified allocation plans, setting standards for development costs and construction quality, and submitting annual reports.
Committee Categories
Budget and Finance
Sponsors (7)
Ben Cardin (D)*,
Sherrod Brown (D),
Chris Coons (D),
Jerry Moran (R),
Rob Portman (R),
Tim Scott (R),
Todd Young (R),
Last Action
Read twice and referred to the Committee on Finance. (on 06/25/2020)
Official Document
bill text
bill summary
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bill summary
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bill summary
| Document Type | Source Location |
|---|---|
| State Bill Page | https://www.congress.gov/bill/116th-congress/senate-bill/4073/all-info |
| BillText | https://www.congress.gov/116/bills/s4073/BILLS-116s4073is.pdf |
| Bill | https://www.congress.gov/116/bills/s4073/BILLS-116s4073is.pdf.pdf |
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