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HR 1519 104th Congress House Taxation Building construction Buildings Commerce Depressed areas Economics and Public Finance Government Operations and Politics Government paperwork Housing and Community Development Income tax Industrial buildings Maintenance and repair Tax credits

Low Income Community Development Tax Credit Act of 1995

Introduced: April 7, 1995 Introduced by: Waters, Maxine Democratic · California See on congress.gov
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 Everywhere this bill has been 2 steps
Introduced
In committee
Reported out
Passed House
Passed Senate
To President
Became law
Apr 7, 1995
Referred to the House Committee on Ways and Means.
Apr 7, 1995
Introduced in House
 Plain-English summary Congressional Research Service

Low Income Community Development Tax Credit Act of 1995 - Amends the Internal Revenue Code to allow, as part of the general business credit, a tax credit (equal to a percentage of its basis) for placing a nonresidential building in service in a distressed area, with a greater credit allowed for a new building than an existing building. Provides for calculation of the basis of such buildings according to the rules governing the low-income housing credit.

Defines a distressed area as one in which at least 70 percent of the households have an income that is no more than 80 percent of the area median gross income. Increases the credit with respect to buildings in areas in which income is lower.

Treats rehabilitation expenditures, provided they are above a certain threshold, as a separate new building.

Imposes an annual State distressed area building credit ceiling.

What's happening now April 7, 1995

Referred to the House Committee on Ways and Means.

 Committees of jurisdiction 1