Senate Bill 4073
116th Congress(2019-2020)
Neighborhood Homes Investment Act
Introduced
Introduced
Introduced in Senate on Jun 25, 2020
Overview
Text
Sponsor
Introduced
Jun 25, 2020
Latest Action
Jun 25, 2020
Origin Chamber
Senate
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
4073
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
Maryland
Delaware
Indiana
South Carolina
No Senate 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)
Actions (2)
06/25/2020
Read twice and referred to the Committee on Finance.
06/25/2020
Introduced in Senate
Public Record
Created
Jun 26, 2020 4:42:09 AM
Updated
Oct 27, 2020 4:30:53 AM