Bill Sponsor
House Bill 3316
116th Congress(2019-2020)
Neighborhood Homes Investment Act
Introduced
Introduced
Introduced in House on Jun 18, 2019
Overview
Text
Introduced
Jun 18, 2019
Latest Action
Jun 18, 2019
Origin Chamber
House
Type
Bill
Bill
The primary form of legislative measure used to propose law. Depending on the chamber of origin, bills begin with a designation of either H.R. or S. Joint resolution is another form of legislative measure used to propose law.
Bill Number
3316
Congress
116
Policy Area
Taxation
Taxation
Primary focus of measure is all aspects of income, excise, property, inheritance, and employment taxes; tax administration and collection. Measures concerning state and local finance may fall under Economics and Public Finance policy area.
Sponsorship by Party
House Votes (0)
Senate Votes (0)
No House votes have been held for this bill.
Summary

Neighborhood Homes Investment Act

This bill establishes a new business-related tax credit to finance home building and rehabilitation in neighborhoods that meet certain eligibility criteria relating to poverty rates, income, and home values. The credit is limited to 35% of the lesser of the qualified development cost (i.e., the cost of construction, substantial rehabilitation, demolition, and environmental remediation of residential properties) or 80% of the national median sale price for new homes. The credit applies to single family homes containing four or fewer residential units, condominiums, or houses or apartments owned by cooperative housing corporations.

Text (1)
June 18, 2019
Actions (2)
06/18/2019
Referred to the House Committee on Ways and Means.
06/18/2019
Introduced in House
Public Record
Record Updated
Nov 1, 2022 1:51:04 PM