To amend the Internal Revenue Code of 1986 to establish a 15-year recovery period for depreciation of designated low-income buildings and to allow passive losses and credits attributable to qualified low-income buildings.

Fact Sheet API

Bill Number

HR 4029

Introduced

Mar 24, 2004

Latest Action

Referred to the House Committee on Ways and Means.

Sponsor

Cosponsors

Topics

Accounting Apartment houses Commerce Depreciation and amortization Finance and Financial Sector Housing and Community Development Income tax Losses Low-income housing Rental housing Social Welfare Tax credits Tax deductions Taxation

Full Text

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Votes

Summary

Amends the Internal Revenue Code to: (1) allow a 15-year recovery period for depreciation of certain low-income buildings eligible for the tax credit for low-income housing; and (2) exempt such buildings from provisions disallowing certain passive investment activity tax losses and credits.

Actions

Mar 24, 2004

Referred to the House Committee on Ways and Means.
Mar 24, 2004

Introduced in House

Amendments

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