Manufactured Housing Community Sustainability Act of 2019
Latest action · Sep 26, 2019 Read twice and referred to the Committee on Finance.
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.
- IntroducedSep 26, 2019
- Passed SenateNot reached
- Passed HouseNot reached
- To the PresidentNot reached
- Became lawNot reached
Summary
Manufactured Housing Community Sustainability Act of 2019
This bill amends the Internal Revenue Code to allow a business-related tax credit equal to 75% of the gain from the sale or exchange of real property to a qualified manufactured home community cooperative or corporation if (1) the property is acquired for use as a manufactured home community, (2) the seller (or any related person) owned the property for the entire two-year period before the sale or exchange, and (3) the property is transferred subject to a binding covenant that the property will be used as a manufactured home community for at least 50 years or the maximum permissible term under state laws that restrict such covenants to a lesser term.. A "qualified manufactured home community cooperative or corporation" is a cooperative or a nonprofit corporation established pursuant to the laws of the state in which the property is located.
The bill specifies membership and governance requirements for the communities owned by the cooperative or nonprofit corporation. The bill also imposes a tax on buyers who violate the covenant to use the property for manufactured housing.
Cosponsors 1
Members who signed on, in the order they did. All signed on Sep 26, 2019.
| Seat | Cosponsor | Signed on | |
|---|---|---|---|
| D-MN | Tina Smith | Original | Sep 26, 2019 |
Actions 2
Everything that happened, newest first.
- Sep 26, 2019Introduced in Senate
- Sep 26, 2019Read twice and referred to the Committee on Finance.
Subjects
Assigned by the Library of Congress. Policy area: Taxation.
Text 1
Each version as it was printed, newest first.
- Sep 26, 2019Introduced in Senate
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.
