Low-Income Housing Revitalization Act - Amends Internal Revenue Code (IRC) provisions relating to the low-income housing credit to increase the credit from four percent to nine percent with respect to new buildings that are federally subsidized.
Extends the low-income housing credit permanently.
Amends IRC accounting provisions to exempt low-income housing credit activities from limitations on passive losses.
Revises the accelerated cost recovery system in connection with low-income residential rental property to reduce the applicable recovery period from 27.5 to 20 years.
Disallows an income tax deduction for any expense relating to residential rental units unless such units are suitable for occupancy.
Excludes deductions for business expenses, interest on indebtedness, and taxes from calculations to determine the passive loss limitation in connection with rental real estate activity relating to a qualified low-income housing project in which a noncorporate taxpayer actively or materially participates.
Introduced in House
Introduced in House
Sponsor introductory remarks on measure. (CR E447-448)
Referred to the House Committee on Ways and Means.
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