A bill to amend the Internal Revenue Code of 1954 to provide a credit against tax to an individual who constructs, purchases, or rehabilitates a principal residence in a revitalization area and to a lending institution which provides financing for such an individual.

Summary

Title I: Tax Credits - Tax Incentives for Neighborhood Revitalization Act - Amends the Internal Revenue Code to allow a limited income tax credit to individuals for the purchase, construction, or rehabilitation of a principal residence located in an area designated by the Secretary, in consultation with the Secretary of Housing and Urban Development, as a neighborhood revitalization area. Allows a limited credit to lending institutions which finance such purchase, construction, or rehabilitation. Allows individuals a credit for that portion of their State and local property taxes attributable to improvements directly related to rehabilitation expenditures for which the taxpayer is allowed a credit under this title. Title II: Neighborhood Revitalization Designation and Plans - Neighborhood Revitalization Act - Directs units of local government which wish to have the provisions of Title I of this Act apply to an area within their boundaries to designate the area a "neighborhood revitalization area." Requires such a designation to be approved by the Secretary of the Treasury if certain requirements are met and a finding is made that the area is declining.

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Timeline

1. 5 August 1977

   Introduced

   Referred to Senate Committee on Finance.

   Source: IntroReferral

2. 5 August 1977

   Introduced

   Introduced in Senate

   Source: IntroReferral

Votes

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Versions

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Documents

1 official file

• Introduced in Senate

  summary · EN · 5 August 1977

  Open at official source

Sponsors

• Sen. Baker, Howard H., Jr. [R-TN] · R · Sponsor
• Sen. Tower, John G. [R-TX] · R · Cosponsor
• · ssfi00 · Standing

Related records

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