Community Restoration and Revitalization Act of 2007

Summary

Community Restoration and Revitalization Act of 2007 - Amends the Internal Revenue Code to: (1) allow an increased rehabilitation tax credit for certain low-income buildings; (2) allow a basis reduction adjustment for property eligible for the credit; (3) increase the credit for certain smaller buildings; (4) allow property eligible for the credit to be used for lodging purposes; (5) modify placed-in-service rules for credit property; (6) modify qualification rules for credit property that is tax-exempt use property; (7) increase the credit for buildings in high cost areas; and (8) exempt certain condominium transactions from rehabilitation tax credit recapture requirements.

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Documents

3 official files

• Introduced in Senate (text)

  Introduced in Senate · EN · 14 February 2007

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• Introduced in Senate (PDF)

  Introduced in Senate · EN · 14 February 2007

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• Introduced in Senate

  summary · EN · 14 February 2007

  Open at official source

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