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S 2511 117th Congress Senate Taxation Building construction Housing supply and affordability Income tax credits Urban and suburban affairs and development

Revitalizing Downtowns Act

Introduced: July 28, 2021 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 28, 2021
Read twice and referred to the Committee on Finance.
Jul 28, 2021
Introduced in Senate
 Plain-English summary Congressional Research Service

Revitalizing Downtowns Act

This bill expands the investment tax credit to add a qualified office conversion credit. The amount of such credit is 20% of the qualified conversion expenditures with respect to a qualified converted building. The bill defines qualified converted building as any building if (1) prior to conversion, the building was nonresidential real property which was leased, or available for lease, to office tenants; (2) the building has been substantially converted from an office use to a residential, retail, or other commercial use; (3) the building was initially placed in service at least 25 years prior to the beginning of the conversion, and (4) straight line depreciation is allowable with respect to the building.

What's happening now July 28, 2021

Read twice and referred to the Committee on Finance.

 Committees of jurisdiction 1
 Cosponsors 2
All 2 Democratic 2