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HR 3790 116th Congress House Taxation Banking and financial institutions regulation Business investment and capital Business records Capital gains tax Credit and credit markets Disaster relief and insurance Economic development Housing and community development funding Housing finance and home ownership Income tax credits Income tax deferral Natural disasters Residential rehabilitation and home repair State and local government operations

Residential Recovery Zone Act

Introduced: July 17, 2019 Introduced by: Dunn, Neal P. Republican · Florida 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 17, 2019
Referred to the Committee on Ways and Means, and in addition to the Committee on Financial Services, 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.
Jul 17, 2019
Introduced in House
 Plain-English summary Congressional Research Service

Residential Recovery Zone Act

This bill allows a new tax credit for the purchase of a principal residence in a residential recovery zone. The credit is equal to 10% of the purchase price of the residence, which may not exceed $1.5 million. The dollar amount of the credit is limited to $8,000 in a taxable year.

The bill allows the chief executive officer (e.g., governor) of a state to designate certain population census tracts in areas related to federally declared disasters as opportunity zones. This makes investments in the areas eligible for various tax incentives.

What's happening now July 17, 2019

Referred to the Committee on Ways and Means, and in addition to the Committee on Financial Services, 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.

 Committees of jurisdiction 2
 Cosponsors 1
All 1 Republican 1