Commercial Revitalization Tax Act of 1997

Summary

Commercial Revitalization Tax Act of 1997 - Amends the Internal Revenue Code to allow an investment tax credit equal to a percentage of expenditures for depreciable property in connection with the rehabilitation or reconstruction of a nonresidential building located in: (1) an empowerment zone or enterprise community; (2) an area established pursuant to a consolidated planning process for the use of Federal housing and community development funds; or (3) a low-income commercial revitalization district specially designated by a State or local government which is not primarily a nonresidential central business district. Requires, for qualification of such expenditures, that they exceed 25 percent of the fair market value of the building before rehabilitation. Imposes a State ceiling on the availability of the credit.

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

Timeline

No timeline events have been ingested for this record yet.

Votes

No vote records are attached yet.

Versions

No version snapshots stored. Document URLs remain at the source.

Documents

3 official files

• Introduced in Senate (text)

  Introduced in Senate · EN · 6 March 1997

  ViewDownloadOpen at official source

• Introduced in Senate (PDF)

  Introduced in Senate · EN · 6 March 1997

  ViewDownloadOpen at official source

• Introduced in Senate

  summary · EN · 6 March 1997

  Open at official source

Sponsors

No sponsors or actors listed by the source.

Related records

No cross-record relationships stored yet.