S 2125
105th Congress
Senate
Taxation
Apartment houses
Business income tax
Commerce
Cooperative housing
Finance and Financial Sector
Home repair and improvement
Housing and Community Development
Income tax
Interest
Low-income housing
Personal income tax
Real property tax
Residential rehabilitation
Social Welfare
Stockholders
Tax credits
Tax deductions
A bill to amend the Internal Revenue Code of 1986 to provide for the tax treatment of section 42 housing cooperatives and the shareholders of such cooperatives, and for other purposes.
Introduced: May 22, 1998
See on congress.gov
Everywhere this bill has been
3 steps
Introduced
In committee
Reported out
Passed House
Passed Senate
To President
Became law
May 22, 1998
Read twice and referred to the Committee on Finance.
May 22, 1998
Sponsor introductory remarks on measure. (CR S5454)
May 22, 1998
Introduced in Senate
Plain-English summary
Amends the Internal Revenue Code to authorize, in the case of a housing cooperative eligible for the low-income housing tax credit: (1) nonresident shareholders to include such credit and the deduction for certain unpaid acquisition interest allowable to the cooperative proportionally in the calculation of their individual income taxes; and (2) resident shareholders to include the deduction for real estate taxes and interest paid by the cooperative proportionally in the calculation of their individual income taxes.
What's happening now
Read twice and referred to the Committee on Finance.
Committees of jurisdiction
1
Cosponsors
1