Neighborhood Homes Investment Act
- Last Action
- 4/16/2024
Actions
- 2024-04-16Committee on Banking, Housing, and Urban Affairs Subcommittee on Housing, Transportation, and Community Development. Hearings held. With printed Hearing: S.Hrg. 118-555.
- 2024-03-12Committee on Banking, Housing, and Urban Affairs. Hearings held. Hearings printed: S.Hrg. 118-548.
- 2023-03-06Read twice and referred to the Committee on Finance.
- 2023-03-06Introduced in Senate
CRS Summary
As of 2023-03-06 (00)
Neighborhood Homes Investment Act
This bill allows a business-related tax credit for certain development costs for the acquisition, rehabilitation, or remediation of qualified real property (i.e., real property affixed on a permanent foundation and comprised of four or fewer residential units, a condominium unit, or a house or apartment owned by a cooperative housing corporation).
The bill also provides for the exclusion from gross income, for income tax purposes, of the value of any subsidy provided to a taxpayer by any state energy office for purposes of improvements made to a qualified residence.
Cosponsors (16)
- Todd Young (R-IN)
- Ron Wyden (D-OR)
- Jerry Moran (R-KS)
- Sherrod Brown (D-OH)
- Christopher Coons (D-DE)
- Catherine Cortez Masto (D-NV)
- Shelley Capito (R-WV)
- Kevin Cramer (R-ND)
- Mark Warner (D-VA)
- Lindsey Graham (R-SC)
- Cindy Hyde-Smith (R-MS)
- Richard Durbin (D-IL)
- Timothy Kaine (D-VA)
- Roger Marshall (R-KS)
- Tim Scott (R-SC)
- Tammy Baldwin (D-WI)
Subjects
- Housing finance and home ownership
- Income tax credits
- Income tax exclusion
- Real estate business
- Residential rehabilitation and home repair
- State and local taxation
Sourced from Congress.gov (public domain).
This is legal information, not legal advice. Laws vary by jurisdiction and change frequently. Always verify current law with official sources and consult a licensed attorney in your jurisdiction for advice on your specific situation.