Neighborhood Homes Investment Act

Hozzl · 2024-05-10T10:56:42Z

Explore the details of Senate Bill 657 Neighborhood Homes Investment Act currently in Congress. Get insights into its purpose, current status, sponsors, and potential impact on Taxation. Stay informed on legislative developments.

5/10/2024, 10:56 AM

Congressional Summary of S 657

Neighborhood Homes Investment Act

This bill allows a business-related tax credit for certain development costs for the acquisition, rehabilitation, or remediation of qualified real property (i.e., real property affixed on a permanent foundation and comprised of four or fewer residential units, a condominium unit, or a house or apartment owned by a cooperative housing corporation).

The bill also provides for the exclusion from gross income, for income tax purposes, of the value of any subsidy provided to a taxpayer by any state energy office for purposes of improvements made to a qualified residence.

Read the Full Bill

Formatted Text PDF Formatted XML

Current Status of Bill S 657

Bill S 657 is currently in the status of Bill Introduced since March 6, 2023. Bill S 657 was introduced during Congress 118 and was introduced to the Senate on March 6, 2023. Bill S 657's most recent activity was Committee on Banking, Housing, and Urban Affairs Subcommittee on Housing, Transportation, and Community Development. Hearings held. as of April 16, 2024

Bipartisan Support of Bill S 657

Total Number of Sponsors

Democrat Sponsors

Republican Sponsors

Unaffiliated Sponsors

Total Number of Cosponsors

Democrat Cosponsors

Republican Cosponsors

Unaffiliated Cosponsors

Policy Area and Potential Impact of Bill S 657

Primary Policy Focus

Taxation

Potential Impact Areas

Housing finance and home ownershipIncome tax creditsIncome tax exclusionReal estate businessResidential rehabilitation and home repairState and local taxation

Alternate Title(s) of Bill S 657

Neighborhood Homes Investment ActNeighborhood Homes Investment ActA bill to amend the Internal Revenue Code of 1986 to establish a tax credit for neighborhood revitalization, and for other purposes.A bill to amend the Internal Revenue Code of 1986 to establish a tax credit for neighborhood revitalization, and for other purposes.

Start holding our government accountable!