Revitalizing Downtowns Act

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.

Bill 117 HR 4759, also known as the Revitalizing Downtowns Act, aims to provide support and resources to communities across the United States in order to revitalize and strengthen their downtown areas. The bill focuses on promoting economic development, job creation, and community engagement in these downtown areas.

One key aspect of the bill is the establishment of a grant program that will provide funding to local governments and organizations for projects that aim to improve infrastructure, attract businesses, and enhance the overall quality of life in downtown areas. These grants will be awarded based on the potential impact of the proposed projects on the local community and economy.

Additionally, the Revitalizing Downtowns Act includes provisions for technical assistance and training programs to help local leaders and stakeholders develop and implement effective revitalization strategies. This support will help communities navigate the complexities of revitalization efforts and ensure that they are able to maximize the benefits of the resources provided by the bill. Overall, the Revitalizing Downtowns Act seeks to empower communities to take control of their own economic futures and create vibrant, thriving downtown areas that serve as hubs of activity and opportunity for residents and visitors alike. By providing targeted support and resources, the bill aims to catalyze positive change and sustainable growth in communities across the country.