Low-to-Moderate Income Home Ownership Tax Credit Act

Fact Sheet API

Bill Number

HR 3000

Introduced

Oct 2, 2001

Latest Action

Referred to the House Committee on Ways and Means.

Sponsor

Cosponsors

Topics

Apartment houses Business income tax Capital gains tax Charities Commerce Government Operations and Politics Government paperwork Housing and Community Development Income tax Low-income housing Moderate income housing Nonprofit organizations Residential rehabilitation Social Welfare Tax credits Tax exclusion Tax returns Tax-exempt organizations Taxation

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Votes

Summary

Low-to-Moderate Income Home Ownership Tax Credit Act - Amends the Internal Revenue Code to establish a low-to-moderate home ownership credit based upon an applicable percentage of each qualified low-to-moderate income building's qualified basis.

Excludes from gross income certain gain from the sale of such housing.

Makes the rehabilitation credit applicable to buildings, other than certified historic structures, that are at least 50 years old. (Current law requires a building to have been placed in service before 1936.)

Actions

Oct 2, 2001

Referred to the House Committee on Ways and Means.
Oct 2, 2001

Introduced in House

Amendments

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