Revitalizing Downtowns Act

Hozzl · 2024-01-30T08:15:19Z

Explore the details of House Bill 419 Revitalizing Downtowns Act currently in Congress. Get insights into its purpose, current status, sponsors, and potential impact on Taxation. Stay informed on legislative developments.

1/30/2024, 8:15 AM

Summary of Bill HR 419

The Revitalizing Downtowns Act, also known as Bill 118 hr 419, is a piece of legislation introduced in the US Congress aimed at revitalizing downtown areas across the country. The bill focuses on providing funding and resources to support economic development, infrastructure improvements, and community revitalization efforts in downtown areas.

One key aspect of the bill is the establishment of a grant program that would provide funding to local governments and organizations for projects that promote economic growth and development in downtown areas. These projects could include infrastructure improvements, small business support, affordable housing initiatives, and cultural and recreational amenities.

Additionally, the Revitalizing Downtowns Act seeks to streamline regulations and provide technical assistance to help communities navigate the complexities of revitalization efforts. The bill also encourages public-private partnerships and collaboration between local, state, and federal agencies to maximize the impact of revitalization projects. Overall, the Revitalizing Downtowns Act aims to support the economic vitality and cultural vibrancy of downtown areas across the United States, with the goal of creating thriving, sustainable communities for residents and visitors alike.

Congressional Summary of HR 419

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.

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Current Status of Bill HR 419

Bill HR 419 is currently in the status of Bill Introduced since January 20, 2023. Bill HR 419 was introduced during Congress 118 and was introduced to the House on January 20, 2023. Bill HR 419's most recent activity was Referred to the House Committee on Ways and Means. as of January 20, 2023