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HR 2138 104th Congress House Taxation Building construction Buildings Commerce Depreciation and amortization Depressed areas Economics and Public Finance Enterprise zones Federal aid to community development Federal aid to housing Housing and Community Development Income tax Industrial buildings Investment tax credit Urban affairs

Commercial Revitalization Tax Act of 1995

Introduced: July 28, 1995 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
Jul 28, 1995
Referred to the House Committee on Ways and Means.
Jul 28, 1995
Introduced in House
 Plain-English summary Congressional Research Service

Commercial Revitalization Tax Act of 1995 - Amends the Internal Revenue Code to allow an investment tax credit equal to a percentage of expenditures for depreciable property in connection with the rehabilitation or reconstruction of a nonresidential building located in: (1) an empowerment zone or enterprise community; (2) an area established pursuant to a consolidated planning process for the use of Federal housing and community development funds; or (3) a low-income commercial revitalization district specially designated by a State or local government which is not primarily a nonresidential central business district. Requires, for qualification of such expenditures, that they exceed 25 percent of the fair market value of the building before rehabilitation.

Imposes a State ceiling on the availability of the credit.

What's happening now July 28, 1995

Referred to the House Committee on Ways and Means.

 Committees of jurisdiction 1
 Cosponsors 4
All 4 Democratic 3 Republican 1