To amend the Internal Revenue Code of 1986 to encourage the purchase of residential property by providing an exclusion from tax on certain gains.
Investment Property Opportunity Act of 2011 - Amends the Internal Revenue Code to exclude from gross income gain from the sale of residential real property that is: (1) located in a distressed housing area (i.e., a county with high foreclosure rates and declining housing fair market values), (2) acquired within 18 months after enactment of this Act, and (3) held for more than three years.
Introduced in House
Introduced in House
Referred to the House Committee on Ways and Means.
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