HR 2832 116th Congress House Taxation Cooperative and condominium housing Income tax credits

Frank Adelmann Manufactured Housing Community Sustainability Act

Introduced: May 17, 2019 Introduced by: Omar, Ilhan Democratic · Minnesota 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 17, 2019

Referred to the House Committee on Ways and Means.

May 17, 2019

Introduced in House

Plain-English summary Congressional Research Service

Frank Adelmann Manufactured Housing Community Sustainability Act

This bill allows 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 at least two years 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 or the maximum term permitted under state law.

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 or the maximum term permitted under state law.

What's happening now May 17, 2019

Referred to the House Committee on Ways and Means.

Committees of jurisdiction 1