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Tax Credits for Converting Office Buildings to New Uses

This act introduces a new tax credit for businesses and individuals converting old office buildings into residential, retail, or other commercial uses. The goal is to revitalize downtown areas by encouraging the adaptation of vacant offices, potentially increasing housing availability and services.
Key points
Provides a 20% tax credit for qualified expenses incurred when converting an office building to a residential, retail, or other commercial use.
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 for lower-income individuals or subject to an affordable housing agreement.
Aims to support downtown revitalization and increase housing availability and diverse services.
article Official text account_balance Process page
Expired
Citizen Poll
No votes cast
Additional Information
Print number: 117_S_2511
Sponsor: Sen. Stabenow, Debbie [D-MI]
Process start date: 2021-07-28
Lustra uses Artificial Intelligence. Verify details in source documents.
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_S_2511.

Which chamber initiated this legislation?

This legislation was initiated in the Senate.

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 qualified expenses incurred when converting an office building to a residential, retail, or other commercial use.
  • 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 for lower-income individuals or subject to an affordable housing agreement.
  • Aims to support downtown revitalization and increase housing availability and diverse services.
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 Sen. Stabenow, Debbie [D-MI].

What is the latest detailed status?

The latest detailed status is: Introduced in Senate

Is this summary verified?

Yes. This content was analyzed by AI and verified by the Lustra Judge System on 2025-12-29.

CATEGORIES

Taxes Real Estate Public Investments