Renewing the Dream Tax Credit Act

Summary

Renewing the Dream Tax Credit Act - Amends the Internal Revenue Code to permit a community homeownership tax credit based upon an applicable percentage of each qualified residence's eligible basis. Makes such credit available to residences located: (1) in a census tract with a median gross income not exceeding 80 percent of the greater area or statewide median gross income; (2) in a rural area; (3) on an Indian reservation; or (4) in an area of chronic economic distress. Prohibits a buyer's income from exceeding 80 percent (70 percent for families of less than three) of the area gross median income and requires owner occupancy. Specifies that the aggregate homeownership credit dollar amount which a homeownership credit agency (an "agency") may disburse is the portion of the "State homeownership credit ceiling" (the "ceiling") allocated to such agency. Allows "unused homeownership credit carryovers" to be allocated among qualified States. Sets aside at up to 90 percent least ten percent of a State's ceiling for certain housing projects in which a qualified nonprofit organization owns an interest and materially participates in the given project's development and operation throughout the credit period. Requires allocation of credit to residences to be in accordance with a "qualified allocation plan" of the agency issuing credit. Lists certain specified criteria such a plan must include and specifies that the plan must be approved by the governmental unit of which such agency is a part.

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Timeline

1. 27 June 2002

   Introduced

   Referred to the House Committee on Ways and Means.

   Source: IntroReferral

2. 27 June 2002

   Introduced

   Introduced in House

   Source: IntroReferral

3. 27 June 2002

   Introduced

   Introduced in House

   Source: IntroReferral

Votes

No vote records are attached yet.

Versions

• Introduced in House · 27 June 2002 · Download file

Documents

3 official files

• Introduced in House (text)

  Introduced in House · EN · 27 June 2002

  ViewDownloadOpen at official source

• Introduced in House (PDF)

  Introduced in House · EN · 27 June 2002

  ViewDownloadOpen at official source

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• Introduced in House

  summary · EN · 27 June 2002

  Open at official source

  Leesvertaling

  Vertaal dit document naar jouw taal. PoliticalRepo bewaart geen aparte kopie per EU-taal.

  Vertaal naarNL · DutchDE · GermanFR · FrenchES · SpanishIT · ItalianPL · PolishPT · PortugueseSV · SwedishDA · DanishFI · FinnishEL · GreekCS · CzechHU · HungarianRO · RomanianBG · BulgarianHR · CroatianSK · SlovakSL · SlovenianLT · LithuanianLV · LatvianET · EstonianGA · IrishMT · Maltese

  Vertaal document

  Documentvertaling op verzoek met downloadbare PDF (logo + link naar de officiële bron). Het bronbestand blijft leidend.

Sponsors

• Sen. Portman, Rob [R-OH] · R · Sponsor
• Sen. Cardin, Benjamin L. [D-MD] · D · Sponsor
• Rep. Watts, J. C., Jr. [R-OK-4] · R · Sponsor
• Rep. Wilson, Joe [R-SC-2] · R · Cosponsor
• Rep. Goode, Virgil H., Jr. [R-VA-5] · R · Cosponsor
• Rep. Jones, Walter B., Jr. [R-NC-3] · R · Cosponsor
• Rep. Turner, Jim [D-TX-2] · D · Cosponsor
• Rep. Goodlatte, Bob [R-VA-6] · R · Cosponsor
• Rep. Terry, Lee [R-NE-2] · R · Cosponsor
• Rep. Paul, Ron [R-TX-14] · R · Cosponsor
• · hswm00 · Standing

Related records

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