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Suburban Core Opportunity, Restoration, and Enhancement (SCORE) Act of 2005

Introduced: May 12, 2005 See on congress.gov
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 Everywhere this bill has been 3 steps
Introduced
In committee
Reported out
Passed House
Passed Senate
To President
Became law
Jun 3, 2005
Referred to the Subcommittee on Housing and Community Opportunity.
May 12, 2005
Referred to the Committee on Financial Services, and in addition to the Committee on Ways and Means, for a period to be subsequently determined by the Speaker, in each case for consideration of such provisions as fall within the jurisdiction of the committee concerned.
May 12, 2005
Introduced in House
 Plain-English summary Congressional Research Service

Suburban Core Opportunity, Restoration, and Enhancement (SCORE) Act of 2005 - Defines "SCORE project area" as any area that: (1) is ineligible for renewal community designation under the Internal Revenue Code (the Code); (2) is not smaller than a census-designated place; and (3) includes some of the following, proximity to existing development and infrastructure (including mass transit), substandard or underutilized residential, commercial, and industrial properties, or an economically obsolescent regional mall (Greyfield mall), has an average housing cost-burden of at least 50 percent of gross income, or a 30 percent higher than average commercial vacancy rate.

Authorizes the Secretary of Housing and Urban Development (HUD) to: (1) designate SCORE project areas from among local government entity-designated areas; (2) make SCORE project area planning and revitalization grants. Requires a local government grantee to establish a SCORE Reinvestment Fund.

Sets forth provisions respecting housing units, businesses, and economic development projects in SCORE project areas that are receiving community development block grant funds.

Amends the Code to: (1) include SCORE project areas within the work opportunity tax credit; and (2) permit an additional first-year depreciation amount for certain SCORE project area residential real property or residential rental property.

What's happening now June 3, 2005

Referred to the Subcommittee on Housing and Community Opportunity.

 Committees of jurisdiction 3
 Cosponsors 1
All 1 Democratic 1