HR 419 118th Congress House Taxation Building construction Housing supply and affordability Income tax credits Urban and suburban affairs and development

Revitalizing Downtowns Act

Introduced: January 20, 2023 Introduced by: Gomez, Jimmy Democratic · California See on congress.gov

Everywhere this bill has been 2 steps

Introduced

In committee

Reported out

Passed House

Passed Senate

To President

Became law

Jan 20, 2023

Referred to the House Committee on Ways and Means.

Jan 20, 2023

Introduced in House

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 January 20, 2023

Referred to the House Committee on Ways and Means.

Committees of jurisdiction 1