summary
Introduced
03/06/2023
03/06/2023
In Committee
03/06/2023
03/06/2023
Crossed Over
Passed
Dead
01/03/2025
01/03/2025
Introduced Session
118th Congress
Bill Summary
A bill to amend the Internal Revenue Code of 1986 to establish a tax credit for neighborhood revitalization, and for other purposes.
AI Summary
This bill, the Neighborhood Homes Investment Act, establishes a new tax credit called the "neighborhood homes credit" to incentivize the rehabilitation and sale of homes in distressed communities. The credit can be claimed by taxpayers for the reasonable development costs of qualified residences that are part of a certified "qualified project" and sold to "qualified homeowners" at affordable prices. The bill sets a state-level credit allocation, with set-asides for projects involving qualified nonprofit organizations and in certain census tracts. The bill also includes provisions around recapturing the credit, agency responsibilities, and special rules for condominiums and cooperative housing. Overall, the goal is to spur the revitalization of distressed neighborhoods through increased homeownership.
Committee Categories
Budget and Finance
Sponsors (17)
Ben Cardin (D)*,
Tammy Baldwin (D),
Sherrod Brown (D),
Shelley Moore Capito (R),
Chris Coons (D),
Catherine Cortez Masto (D),
Kevin Cramer (R),
Dick Durbin (D),
Lindsey Graham (R),
Cindy Hyde-Smith (R),
Tim Kaine (D),
Roger Marshall (R),
Jerry Moran (R),
Tim Scott (R),
Mark Warner (D),
Ron Wyden (D),
Todd Young (R),
Last Action
Committee on Banking, Housing, and Urban Affairs Subcommittee on Housing, Transportation, and Community Development. Hearings held. (on 04/16/2024)
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/118th-congress/senate-bill/657/all-info |
| BillText | https://www.congress.gov/118/bills/s657/BILLS-118s657is.pdf |
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