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Tax Credits for Converting Office Buildings to New Uses

This new law introduces a tax credit for businesses and individuals who convert old office buildings into residential, retail, or other commercial spaces. The goal is to revitalize downtown areas and increase the availability of housing, especially affordable options. This can give new life to empty office buildings, impacting the appearance and functionality of urban spaces.
Key points
Provides a 20% tax credit for costs incurred in converting office buildings into residential, retail, or other commercial uses.
The credit applies to buildings that were offices for at least 25 years and have undergone substantial conversion.
For residential conversions, at least 20% of units must be rent-restricted and occupied by lower-income individuals, or subject to affordable housing agreements.
Aims to encourage urban revitalization by creating new living and business opportunities in city centers.
article Official text account_balance Process page
Expired
Citizen Poll
No votes cast
Additional Information
Print number: 117_HR_4759
Sponsor: Rep. Gomez, Jimmy [D-CA-34]
Process start date: 2021-07-28
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Summarized by: gemini-2.5-flash-preview-05-20
Source data: api.congress.gov
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OFFICIAL LEGAL TITLE

Revitalizing Downtowns Act

FREQUENTLY ASKED QUESTIONS

What is the official ID of this bill?

The official print number for this legislation is 117_HR_4759.

Which chamber initiated this legislation?

This legislation was initiated in the House of Representatives.

When did the legislative process begin?

The process officially started on 2021-07-28.

What are the main provisions?

Key points include:

  • Provides a 20% tax credit for costs incurred in converting office buildings into residential, retail, or other commercial uses.
  • The credit applies to buildings that were offices for at least 25 years and have undergone substantial conversion.
  • For residential conversions, at least 20% of units must be rent-restricted and occupied by lower-income individuals, or subject to affordable housing agreements.
  • Aims to encourage urban revitalization by creating new living and business opportunities in city centers.
What is the specific legal status?

The current status is Expired.

Where can I read the full text of this legislation?

The full official text is available at: View full text

Who is the primary sponsor?

The primary sponsor is Rep. Gomez, Jimmy [D-CA-34].

What is the latest detailed status?

The latest detailed status is: Referred to the House Committee on Ways and Means.

Is this summary verified?

Yes. This content was analyzed by AI and verified by the Lustra Judge System on 2025-12-28.

CATEGORIES

Taxes Real Estate Public Investments