A bill to amend the Internal Revenue Code of 1986 to provide for the tax treatment of section 42 housing cooperatives and the shareholders of such cooperatives, and for other purposes.

Summary

Amends the Internal Revenue Code to authorize, in the case of a housing cooperative eligible for the low-income housing tax credit: (1) nonresident shareholders to include such credit and the deduction for certain unpaid acquisition interest allowable to the cooperative proportionally in the calculation of their individual income taxes; and (2) resident shareholders to include the deduction for real estate taxes and interest paid by the cooperative proportionally in the calculation of their individual income taxes.

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Documents

3 official files

• Introduced in Senate (text)

  Introduced in Senate · EN · 22 May 1998

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• Introduced in Senate (PDF)

  Introduced in Senate · EN · 22 May 1998

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• Introduced in Senate

  summary · EN · 22 May 1998

  Open at official source

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