Renewing the Dream Tax Credit Act
Latest action · Jun 27, 2002 Referred to the House Committee on Ways and Means.
Progress
Where this bill reached, and when. A stage with no date was not reached; one that failed a vote and later carried shows the date it carried.
- IntroducedJun 27, 2002
- Passed HouseNot reached
- Passed SenateNot reached
- To the PresidentNot reached
- Became lawNot reached
Summary
Makes such credit available to residences located: (1) in a census tract with a median gross income not exceeding 80 percent of the greater area or statewide median gross income; (2) in a rural area; (3) on an Indian reservation; or (4) in an area of chronic economic distress. Prohibits a buyer's income from exceeding 80 percent (70 percent for families of less than three) of the area gross median income and requires owner occupancy.
Specifies that the aggregate homeownership credit dollar amount which a homeownership credit agency (an "agency") may disburse is the portion of the "State homeownership credit ceiling" (the "ceiling") allocated to such agency. Allows "unused homeownership credit carryovers" to be allocated among qualified States. Sets aside at up to 90 percent least ten percent of a State's ceiling for certain housing projects in which a qualified nonprofit organization owns an interest and materially participates in the given project's development and operation throughout the credit period.
Requires allocation of credit to residences to be in accordance with a "qualified allocation plan" of the agency issuing credit. Lists certain specified criteria such a plan must include and specifies that the plan must be approved by the governmental unit of which such agency is a part.
Cosponsors 9
Members who signed on, in the order they did. Signatures ran from Jun 27, 2002 to Oct 16, 2002, with 2 there on the day it was introduced.
| Seat | Cosponsor | Signed on | |
|---|---|---|---|
| D-MD | Benjamin L. Cardin | Original | Jun 27, 2002 |
| R-OK | J. C. Watts Jr. | Original | Jun 27, 2002 |
| R-SC | Joe Wilson | Sep 4, 2002 | |
| D-VA | Virgil H. Goode Jr. | Sep 11, 2002 | |
| R-NC | Walter B. Jones | Sep 11, 2002 | |
| R-VA | Bob Goodlatte | Sep 17, 2002 | |
| D-TX | Jim Turner | Sep 17, 2002 | |
| R-NE | Lee Terry | Sep 26, 2002 | |
| R-TX | Ron Paul | Oct 16, 2002 |
Actions 2
Everything that happened, newest first.
- Jun 27, 2002Introduced in House
- Jun 27, 2002Referred to the House Committee on Ways and Means.
Subjects
Assigned by the Library of Congress. Policy area: Taxation.
- Business income tax
- Commerce
- Community development
- Cost of living adjustments
- Depressed areas
- Economics and Public Finance
- Finance and Financial Sector
- Government Operations and Politics
- Government paperwork
- Home ownership
- Housing and Community Development
- Housing authorities
- Income tax
- Indexing (Economic policy)
- Indian housing
- Infrastructure
- Liens
- Low-income housing
- Minorities
- Nonprofit organizations
- Rental housing
- Residential rehabilitation
- Rural housing
- Social Welfare
- Tax credits
- Tax returns
- Tax-exempt organizations
- Taxation
- Urban affairs
Everything here is as published by Congress: the summary is the Congressional Research Service's, the action wording is the clerks', and the subjects are the Library of Congress's. How far it got is read from the actions themselves, taking the most recent one of each kind, so a bill that failed a vote and later passed is shown as having passed. Records come from this bill on Congress.gov and govinfo.gov.