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United States · Bill · HR

H.R. 3841 (97th)

Condominium Cooperative Conversion Tax Adjustment Act of 1981

referredUnited States· United States Congress· EN

Introduced

8 June 1981

Last action

8 June 1981 · Introduced

Status

Referred to House Committee on Ways and Means.

Sponsors

Rep. Rosenthal, Benjamin S. [D-NY-8], Rep. Clay, William (Bill) [D-MO-1], Rep. Weiss, Ted [D-NY-17], Rep. Edgar, Robert W. [D-PA-7], Rep. Mitchell, Parren J. [D-MD-7], Sen. Schumer, Charles E. [D-NY], Sen. Markey, Edward J. [D-MA], Rep. Walgren, Doug [D-PA-18], Rep. Conyers, John, Jr. [D-MI-13], Rep. Rangel, Charles B. [D-NY-15], Rep. Addabbo, Joseph P. [D-NY-6], Rep. Ferraro, Geraldine A. [D-NY-9], Rep. Brodhead, William [D-MI-17]

Subjects

Housing

Source updated

29 August 2025

Housing

Official sourceView documentsShare

Summary

Condominium-Cooperative Conversion Tax Adjustment Act of 1981 - Amends the Internal Revenue Code to treat gain from the sale or exchange of residential rental property as ordinary income (rather than capital gains) if such property is converted into a condominium or cooperative within three years of the date of such sale or exchange. Treats such gain as capital gain if the sale of the residential rental property is made to a tenants association which represents more than 50 percent of the households residing in the rental property prior to the sale or exchange. Requires tenant-stockholders of cooperative housing corporations to reside in the cooperatives in which they own shares in order to qualify for preferential tax treatment. Disallows any amounts of income tax deductions related to the rental of a condominium or cooperative which exceed the gross income of the taxpayer. Requires 100 percent recapture of depreciation on condominium and cooperative rental units which are rented for more than half of the period in which they are owned.

This text is taken from the official record. PoliticalRepo does not editorialize.

Timeline

  1. 8 June 1981

    Introduced

    Referred to House Committee on Ways and Means.

    Source: IntroReferral

  2. 8 June 1981

    Introduced

    Introduced in House

    Source: IntroReferral

  3. 8 June 1981

    Introduced

    Introduced in House

    Source: IntroReferral

Votes

No vote records are attached yet.

Versions

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Documents

1 official file

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Sponsors

Related records

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Sources

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