Revitalizing Downtowns and Main Streets Act
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Progress
Where this bill stands in the legislative process.
- Introduced
- Passed House
- Passed Senate
- To President
- Became Law
Overview
The Revitalizing Downtowns and Main Streets Act creates a new investment tax credit to encourage the conversion of non-residential buildings into affordable housing. Taxpayers who convert eligible commercial buildings into qualified affordable housing buildings can claim a 20% credit on their qualified conversion expenditures, subject to certain limitations and requirements. The credit is designed to support the creation of affordable housing in downtown and main street areas, with additional incentives for projects in economically distressed areas and rural historic preservation projects.
Key provisions
- Provides a 20% tax credit for converting non-residential buildings to qualified affordable housing.
- Qualified conversion expenditures include capital improvements made during the conversion process.
- Limits the credit to expenditures made within 2 years of building placement in service.
- States will receive a portion of the national credit limit based on their population.
- Additional incentives for projects in economically distressed areas and rural historic preservation projects.
- Requires a binding allocation agreement between taxpayers and housing credit agencies.
- Establishes a process for designating areas as economically distressed.
- Allows for a 35% credit for rural historic preservation projects exceeding $2 million.
Who is affected
- Real estate developers
- Property owners
Bill text
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Sponsors
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56 on record
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