Amends the Internal Revenue Code to lower from 80 to 50 percent the amount of income which a cooperative housing corporation must earn from tenant-shareholders to qualify as a cooperative housing corporation. Extends the three year grace period during which the original sponsor of a cooperative housing project is treated as a tenant-shareholder.
Introduced in Senate
Read second time and referred to Senate Committee on Finance.
Committee on Finance requested executive comment from OMB; Treasury Department.
Subcommittee on Taxation and Debt Management took the following actions.
Subcommittee on Taxation and Debt Management. Hearings held.
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