What is the official ID of this bill?
The official print number for this legislation is HR 5176.
Tax relief for property sales dedicated to affordable and homeless housing.
This Act aims to increase the availability of affordable and homeless housing through tax incentives. Property owners who sell real estate to qualified operators for affordable housing development can avoid paying capital gains tax on the sale. This measure is designed to accelerate the conversion of land and buildings into affordable housing, directly impacting the housing situation for low-income individuals.
Key points
Capital Gains Tax Avoidance: Selling property for affordable housing or homeless shelters is treated as an 'involuntary conversion,' allowing sellers to defer or avoid capital gains tax.
30-Year Affordability Requirement: The property must be maintained as affordable housing (at least 75% of units for low-income families) or a homeless shelter for a minimum of 30 years.
Extended Reinvestment Period: Sellers are granted 3 years (instead of the standard 2) to reinvest the proceeds into a replacement property to fully benefit from the tax relief.
Federal Oversight: The Department of Housing and Urban Development (HUD) will monitor compliance every 5 years for 30 years to ensure the property meets the affordable housing requirements.
Status:
Expired
Record your position for audit.
Why does your vote on bills matter?
It creates raw, undeniable proof. Civic Will provides the permanent data to verify the Government's loyalty towards its citizens
(explained here).
Start recording it now.