A bill to amend the Internal Revenue Code of 1986 to allow an income tax credit for the provision of homeownership and community development, and for other purposes.
Community Development Homeownership Tax Credit Act - Amends the Internal Revenue Code to allow homebuilders and investors a general business tax credit for building or substantially rehabilitating residences for low and moderate-income individuals in certain areas, including a rural area, an Indian reservation, or an area of chronic economic distress. Sets forth rules for the calculation of such credit and its administration and allocation by the States.
Referred to the House Committee on Ways and Means.
Introduced in Senate
Sponsor introductory remarks on measure. (CR S 4031)
Read twice and referred to the Committee on Finance.
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