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HR 839 108th Congress House

Renewing the Dream Tax Credit Act

Official title: To amend the Internal Revenue Code of 1986 to allow an income tax credit for the provision of homeownership and community development, and for other purposes.

Introduced: June 3, 2004 See on congress.gov
Taxation CommerceCommunity developmentCost of living adjustmentsDepressed areas
More subjectsShow fewer subjects
Economics and Public FinanceFinance and Financial SectorGovernment Operations and PoliticsGovernment paperworkHome ownershipHousing and Community DevelopmentHousing authoritiesIncome taxIndexing (Economic policy)Indian housingInfrastructureLiensLow-income housingMinoritiesNonprofit organizationsRental housingResidential rehabilitationRural housingSocial WelfareTax creditsTax returnsTax-exempt organizationsUrban affairs
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This bill died when the 108th Congress ended
It never became law before the 108th Congress (2003–2004) adjourned, and bills don't carry over to the next Congress. It would have to be reintroduced. You can still save it for reference, but it won't receive updates.
 Everywhere this bill has been 3 steps
Introduced
In committee
Reported out
Passed House
Passed Senate
To President
Became law
Jun 25, 2004
Sponsor introductory remarks on measure. (CR E1251)
Feb 13, 2003
Referred to the House Committee on Ways and Means.
Feb 13, 2003
Introduced in House
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 Latest action June 25, 2004

Sponsor introductory remarks on measure. (CR E1251)

 Plain-English summary Congressional Research Service
Renewing the Dream Tax Credit Act - Amends the Internal Revenue Code to permit a community homeownership tax credit based upon an applicable percentage of each qualified residence's eligible basis.

Makes such credit available to residences located: (1) in a census tract with a median gross income not exceeding 80 percent of the greater area or statewide median gross income; (2) in a rural area; (3) on an Indian reservation; or (4) in an area of chronic economic distress. Prohibits a buyer's income from exceeding 80 percent (70 percent for families of less than three) of the area gross median income and requires owner occupancy.

Specifies that the aggregate homeownership credit dollar amount which a homeownership credit agency (an "agency") may disburse is the portion of the "State homeownership credit ceiling" (the "ceiling") allocated to such agency. Allows "unused homeownership credit carryovers" to be allocated among qualified States. Sets aside at up to 90 percent least ten percent of a State's ceiling for certain housing projects in which a qualified nonprofit organization owns an interest and materially participates in the given project's development and operation throughout the credit period.

Requires allocation of credit to residences to be in accordance with a "qualified allocation plan" of the agency issuing credit. Lists certain specified criteria such a plan must include and specifies that the plan must be approved by the governmental unit of which such agency is a part.

 Bill text 1 version

Source documents hosted by congress.gov.

 Committees of jurisdiction 1
 Cosponsors 71
All 71 Democratic 25 Republican 14
D
Nadler, Jerrold
New York · Jul 9, 2004
GREENWOOD, JAMES
· Jun 25, 2004
 D
Markey, Edward J.
Massachusetts · Jun 25, 2004
 D
Smith, Adam
Washington · Jun 25, 2004
 D
Velázquez, Nydia M.
New York · Jun 25, 2004
 D
DeLauro, Rosa L.
Connecticut · Jun 3, 2004
 D
Norton, Eleanor Holmes
District of Columbia · Jun 3, 2004
 D
Baldwin, Tammy
Wisconsin · May 12, 2004
Majette, Denise
· May 12, 2004
 D
Larson, John B.
Connecticut · Mar 31, 2004
Ballance, Frank
· Mar 25, 2004
 D
Schakowsky, Janice D.
Illinois · Mar 11, 2004
 R
Smith, Christopher H.
New Jersey · Mar 4, 2004
MCCARTHY, KAREN
· Dec 8, 2003
 D
Bishop, Sanford D.
Georgia · Nov 19, 2003
 R
Issa, Darrell
California · Nov 6, 2003
TIAHRT, TODD
· Oct 21, 2003
Bell, Chris
· Oct 17, 2003
Bordallo, Madeleine
· Oct 17, 2003
 D
Meeks, Gregory W.
New York · Oct 8, 2003
 D
Thompson, Bennie G.
Mississippi · Oct 2, 2003
STENHOLM, CHARLES
· Sep 17, 2003
DOOLEY, CAL
· Sep 11, 2003
JOHN, CHRISTOPHER
· Sep 11, 2003
 D
Lynch, Stephen F.
Massachusetts · Sep 11, 2003
DEUTSCH, PETER
· Sep 5, 2003
Vitter, David
· Sep 5, 2003
 D
DeGette, Diana
Colorado · Jul 25, 2003
Burr, Richard
· Jul 17, 2003
QUINN, JACK
· Jul 17, 2003
 R
Rogers, Harold
Kentucky · Jul 17, 2003
KANJORSKI, PAUL
· Jun 26, 2003
LAMPSON, NICK
· Jun 26, 2003
CRANE, PHILIP
· Jun 19, 2003
RADANOVICH, GEORGE
· Jun 19, 2003
 D
Sherman, Brad
California · Jun 19, 2003
 D
Davis, Danny K.
Illinois · Jun 12, 2003
HOEFFEL, JOSEPH
· Jun 12, 2003
 D
Larsen, Rick
Washington · Jun 12, 2003
 D
Pallone, Frank
New Jersey · Jun 12, 2003
 R
Calvert, Ken
California · Jun 5, 2003
FLETCHER, ERNEST
· Jun 5, 2003
 D
Lofgren, Zoe
California · Jun 5, 2003
 D
McCollum, Betty
Minnesota · Jun 5, 2003
 D
Sánchez, Linda T.
California · Jun 5, 2003
 D
Schiff, Adam B.
California · Jun 5, 2003
THORNBERRY, WILLIAM
· Jun 5, 2003
CARSON, BRAD
· May 22, 2003
BEREUTER, DOUGLAS
· May 21, 2003
 R
Blackburn, Marsha
Tennessee · May 21, 2003
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Cite this page click to expand
APA
U.S. Congress. (2026). H.R. 839: Renewing the Dream Tax Credit Act. 108th Congress. Open America. https://openamerica.io/bill/108-HR-839/
MLA
"H.R. 839: Renewing the Dream Tax Credit Act." 108th Congress, 2026, Open America, https://openamerica.io/bill/108-HR-839/.
Bluebook (legal)
H.R. 839, 108th Cong. (2026), https://openamerica.io/bill/108-HR-839/.
Markdown link
[H.R. 839: Renewing the Dream Tax Credit Act](https://openamerica.io/bill/108-HR-839/)
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