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Tax Credits for Converting Office Buildings to New Uses

This act introduces a new 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 housing availability, especially affordable options. This could lead to new living and working spaces for citizens in redeveloped neighborhoods.
Key points
A new 20% tax credit for costs incurred in converting office buildings to other uses, such as residential or retail.
Support for affordable housing: at least 20% of residential units in a converted building must be rent-restricted for lower-income individuals.
Incentive for renovating older buildings: the credit applies to buildings at least 25 years old that were previously used as offices.
Possibility of claiming the credit during the conversion process for large projects expected to take two years or more.
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Additional Information
Print number: 118_HR_419
Sponsor: Rep. Gomez, Jimmy [D-CA-34]
Process start date: 2023-01-20
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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 118_HR_419.

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 2023-01-20.

What are the main provisions?

Key points include:

  • A new 20% tax credit for costs incurred in converting office buildings to other uses, such as residential or retail.
  • Support for affordable housing: at least 20% of residential units in a converted building must be rent-restricted for lower-income individuals.
  • Incentive for renovating older buildings: the credit applies to buildings at least 25 years old that were previously used as offices.
  • Possibility of claiming the credit during the conversion process for large projects expected to take two years or more.
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 2025-12-25.

CATEGORIES

Taxes Real Estate Public Investments