A bill to amend the Internal Revenue Code of 1986 to provide a tax credit for investment necessary to revitalize communitites within the United States, and for other purposes.
Commercial Revitalization Tax Act of 1999 - Amends the Internal Revenue Code to allow an investment tax credit equal to a percentage of expenditures for depreciable property in connection with the rehabilitation or reconstruction of a nonresidential building located in: (1) an empowerment zone or enterprise community; (2) an area established pursuant to a consolidated planning process for the use of Federal housing and community development funds; or (3) a low-income commercial revitalization district specially designated by a State or local government which is not primarily a nonresidential central business district. Requires, for qualification of such expenditures, that they exceed 25 percent of the fair market value of the building before rehabilitation.
Imposes a State ceiling on the availability of the credit.
Introduced in Senate
Sponsor introductory remarks on measure. (CR S4278-4279)
Read twice and referred to the Committee on Finance.
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