3.0.0 1147 2023-01-11T13:20:19Z 2023-01-11T13:20:19Z House H HR 2011-03-17 112 From the Congressional Record Online through the Government Publishing Office [www.gpo.gov]By Mr. NUNES:H.R. 1147.Congress has the power to enact this legislation pursuantto the following:Clause 1 of section 8 of article I of the Constitution ofthe United States.[Page H1985]]]> hswm00 Ways and Means Committee House Standing Referred to 2011-03-17T13:01:35Z 2011-03-17 Referred to the House Committee on Ways and Means. IntroReferral H11100 2 House floor actions hswm00 Ways and Means Committee 2011-03-17 Introduced in House IntroReferral Intro-H 9 Library of Congress 2011-03-17 Introduced in House IntroReferral 1000 9 Library of Congress N000181 Rep. Nunes, Devin [R-CA-21] Devin Nunes R CA 21 N B001231 Rep. Berkley, Shelley [D-NV-1] SHELLEY BERKLEY D NV 1 2011-03-17 True M001158 Rep. Marchant, Kenny [R-TX-24] Kenny Marchant R TX 24 2011-03-31 False G000558 Rep. Guthrie, Brett [R-KY-2] Brett Guthrie R KY 2 2011-05-26 False C001038 Rep. Crowley, Joseph [D-NY-7] JOSEPH CROWLEY D NY 7 2011-06-24 False Taxation Business investment and capital Income tax deductions Industrial facilities Taxation 00 2011-03-17 Introduced in House 2011-05-04T18:27:52Z Community Recovery and Enhancement Act of 2011 or the CRE Act of 2011 - Amends the Internal Revenue Code to allow a tax deduction for payments made to reduce debt on eligible commercial property. Limits the amount of such deduction to the lesser of: (1) 50% of the excess of the amount of qualified debt secured by such property, (2) 50% of the fair market value of such property, (3) $10 million, or (4) the adjusted basis of such property at the close of the taxable year.

Defines "eligible commercial property" as any commercial real property if: (1) the amount of the qualified indebtedness secured by such property is at least 85% of the fair market value of the property, or (2) such property is, or is reasonably expected to be, treated as being in an in-substance foreclosure by the Comptroller of the Currency.

Denies a tax deduction for debt reduction payments that are debt-financed. Requires a recapture in income of tax deduction amounts allowed by this Act if additional indebtedness is incurred within three years after a qualified debt reduction payment is made.

]]> CRE Act of 2011 Display Title CRE Act of 2011 Official Title as Introduced To amend the Internal Revenue Code of 1986 to allow a deduction for certain payments made to reduce debt on commercial real property. Introduced in House IH Short Titles as Introduced CRE Act of 2011 Short Titles as Introduced Community Recovery and Enhancement Act of 2011 Introduced in House 2011-03-17T04:00:00Z https://www.govinfo.gov/content/pkg/BILLS-112hr1147ih/xml/BILLS-112hr1147ih.xml 2011-03-17 Referred to the House Committee on Ways and Means. text/xml EN Pursuant to Title 17 Section 105 of the United States Code, this file is not subject to copyright protection and is in the public domain. Congressional Research Service, Library of Congress This file contains bill summaries and statuses for federal legislation. A bill summary describes the most significant provisions of a piece of legislation and details the effects the legislative text may have on current law and federal programs. Bill summaries are authored by the Congressional Research Service (CRS) of the Library of Congress. As stated in Public Law 91-510 (2 USC 166 (d)(6)), one of the duties of CRS is "to prepare summaries and digests of bills and resolutions of a public general nature introduced in the Senate or House of Representatives". For more information, refer to the User Guide that accompanies this file.