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S 1581 115th Congress Senate Taxation Business expenses Cooperative and condominium housing Income tax credits

Manufactured Housing Community Sustainability Act of 2017

Introduced: July 19, 2017 Introduced by: Shaheen, Jeanne Democratic · New Hampshire 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 19, 2017
Read twice and referred to the Committee on Finance.
Jul 19, 2017
Introduced in Senate
 Plain-English summary Congressional Research Service

Manufactured Housing Community Sustainability Act of 2017

This bill amends the Internal Revenue Code to allow a business-related tax credit equal to 75% of the gain from the sale or exchange of real property to a qualified manufactured home community cooperative or corporation if: (1) the property is acquired for use as a manufactured home community, (2) the seller (or any related person) owned the property for the entire two-year period before the sale or exchange, and (3) the property is transferred subject to a binding covenant that the property will be used as a manufactured home community for at least 50 years.

A "qualified manufactured home community cooperative or corporation" is a cooperative or a nonprofit corporation established pursuant to the laws of the state in which the property is located. The bill specifies membership and governance requirements for the communities owned by the cooperative or nonprofit corporation.

The bill also imposes a tax on buyers who violate the covenant to use the property for manufactured housing for at least 50 years.

What's happening now July 19, 2017

Read twice and referred to the Committee on Finance.

 Committees of jurisdiction 1