S 1318
110th Congress
Senate
Taxation
Affordable housing
Apartment houses
Capital gains tax
Commerce
Depreciation and amortization
Housing and Community Development
Income tax
Residential rehabilitation
Tax exclusion
Tax rates
Affordable Housing Preservation Act of 2007
Introduced: May 7, 2007
Introduced by:
Schumer, Charles E.
Democratic
· New York
See on congress.gov
Everywhere this bill has been
2 steps
Introduced
In committee
Reported out
Passed House
Passed Senate
To President
Became law
May 7, 2007
Read twice and referred to the Committee on Finance.
May 7, 2007
Introduced in Senate
Plain-English summary
Affordable Housing Preservation Act of 2007 - Amends the Internal Revenue to exclude from gross income gain from the sale or exchange of certain multifamily housing property to a housing agency or related organization (preservation entity) that agrees to maintain certain affordability and use restrictions for such property. Limits the excludable amount of such gain to the depreciation adjustments for such property.
What's happening now
Read twice and referred to the Committee on Finance.
Committees of jurisdiction
1