HR 1093 103th Congress House Taxation Accounting Business losses Debt Depreciation and amortization Housing and Community Development Housing codes Housing finance Income tax Interest Low-income housing Real estate business Real estate investment Rental housing Tax credits Tax deductions

Low-Income Housing Revitalization Act

Introduced: February 24, 1993 See on congress.gov

Everywhere this bill has been 3 steps

Introduced

In committee

Reported out

Passed House

Passed Senate

To President

Became law

Feb 24, 1993

Referred to the House Committee on Ways and Means.

Feb 24, 1993

Sponsor introductory remarks on measure. (CR E447-448)

Feb 24, 1993

Introduced in House

Plain-English summary Congressional Research Service

Low-Income Housing Revitalization Act - Amends Internal Revenue Code (IRC) provisions relating to the low-income housing credit to increase the credit from four percent to nine percent with respect to new buildings that are federally subsidized.

Extends the low-income housing credit permanently.

Amends IRC accounting provisions to exempt low-income housing credit activities from limitations on passive losses.

Revises the accelerated cost recovery system in connection with low-income residential rental property to reduce the applicable recovery period from 27.5 to 20 years.

Disallows an income tax deduction for any expense relating to residential rental units unless such units are suitable for occupancy.

Excludes deductions for business expenses, interest on indebtedness, and taxes from calculations to determine the passive loss limitation in connection with rental real estate activity relating to a qualified low-income housing project in which a noncorporate taxpayer actively or materially participates.

What's happening now February 24, 1993

Referred to the House Committee on Ways and Means.

Committees of jurisdiction 1