summary
Introduced
06/09/2023
06/09/2023
In Committee
06/09/2023
06/09/2023
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 establishes a new tax credit, called the Neighborhood Homes Investment Act, to incentivize the rehabilitation and sale of homes in distressed communities. The key provisions include:
- Allowing a tax credit for up to 35% of the eligible development costs or 28% of the national median sale price for new homes for the sale of a qualified residence in an affordable sale to a qualified homeowner.
- Defining qualified residences as single-family homes, condominiums, or cooperative housing units located in qualified census tracts that meet certain income, poverty rate, and home value criteria.
- Requiring state housing agencies to allocate the limited tax credits based on a qualified allocation plan, with set-asides for certain types of projects.
- Implementing recapture rules if the home is sold within 5 years, with exceptions for hardship situations.
- Providing an alternative credit calculation for owner-occupied rehabilitations of qualified residences.
- The goal is to spur the rehabilitation and sale of homes in distressed communities, which can boost homeownership, neighborhood stability, and economic development.
Committee Categories
Budget and Finance
Sponsors (112)
Mike Kelly (R)*,
Colin Allred (D),
Don Bacon (R),
Joyce Beatty (D),
Ami Bera (D),
Lisa Blunt Rochester (D),
Julia Brownley (D),
Vern Buchanan (R),
Nikki Budzinski (D),
Yadira Caraveo (D),
Salud Carbajal (D),
Mike Carey (R),
Matt Cartwright (D),
Lori Chavez-DeRemer (R),
Sheila Cherfilus-McCormick (D),
Judy Chu (D),
Yvette Clarke (D),
Emanuel Cleaver (D),
Jim Costa (D),
Joe Courtney (D),
Angie Craig (D),
Jason Crow (D),
Sharice Davids (D),
Don Davis (D),
Diana DeGette (D),
Rosa DeLauro (D),
Mark DeSaulnier (D),
Debbie Dingell (D),
John Duarte (R),
Dwight Evans (D),
Randy Feenstra (R),
Teresa Fernandez (D),
Brad Finstad (R),
Brian Fitzpatrick (R),
Valerie Foushee (D),
Robert Garcia (D),
Josh Gottheimer (D),
Al Green (D),
Michael Guest (R),
Josh Harder (D),
Jahana Hayes (D),
Brian Higgins (D),
Jim Himes (D),
Ashley Hinson (R),
Erin Houchin (R),
Chrissy Houlahan (D),
Bill Johnson (R),
Robin Kelly (D),
Trent Kelly (R),
Ro Khanna (D),
Dan Kildee (D),
Derek Kilmer (D),
Young Kim (R),
David Kustoff (R),
Darin LaHood (R),
Nick LaLota (R),
Greg Landsman (D),
John Larson (D),
Mike Lawler (R),
Barbara Lee (D),
Summer Lee (D),
Mike Levin (D),
Ted Lieu (D),
Seth Magaziner (D),
Nicole Malliotakis (R),
Tracey Mann (R),
Kathy Manning (D),
Lucy McBath (D),
Betty McCollum (D),
Dan Meuser (R),
Carol Miller (R),
Nathaniel Moran (R),
Frank Mrvan (D),
Joe Neguse (D),
Wiley Nickel (D),
Eleanor Holmes Norton (D),
Ilhan Omar (D),
Frank Pallone (D),
Jimmy Panetta (D),
Bill Pascrell (D),
Chellie Pingree (D),
Katie Porter (D),
Delia Ramirez (D),
Guy Reschenthaler (R),
Dutch Ruppersberger (D),
John Rutherford (R),
Pat Ryan (D),
María Salazar (R),
Linda Sánchez (D),
Jan Schakowsky (D),
Hillary Scholten (D),
Kim Schrier (D),
David Scott (D),
Terri Sewell (D),
Elissa Slotkin (D),
Chris Smith (R),
Lloyd Smucker (R),
Abigail Spanberger (D),
Melanie Stansbury (D),
Pete Stauber (R),
Haley Stevens (D),
Claudia Tenney (R),
Shri Thanedar (D),
William Timmons (R),
Dina Titus (D),
Rashida Tlaib (D),
David Trone (D),
David Valadao (R),
Jeff Van Drew (R),
Juan Vargas (D),
Brad Wenstrup (R),
Rob Wittman (R),
Last Action
Referred to the House Committee on Ways and Means. (on 06/09/2023)
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/house-bill/3940/all-info |
| BillText | https://www.congress.gov/118/bills/hr3940/BILLS-118hr3940ih.pdf |
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