3.0.0 1581 2023-01-11T13:37:05Z 2023-01-11T13:37:05Z Senate S 2017-07-19 115 ssfi00 Finance Committee Senate Standing Referred to 2017-07-19T16:32:47Z Frank Adelmann Manufactured Housing Community Sustainability Act 115 3296 HR 2017-07-19 Referred to the House Committee on Ways and Means. Related bill CRS 2017-07-19 ssfi00 Finance Committee Senate Read twice and referred to the Committee on Finance. IntroReferral 2017-07-19 Introduced in Senate IntroReferral 10000 9 Library of Congress S001181 Sen. Shaheen, Jeanne [D-NH] Jeanne Shaheen D NH N Taxation Business expenses Cooperative and condominium housing Income tax credits Taxation 00 2017-07-19 Introduced in Senate 2017-12-18T20:22:58Z Manufactured Housing Community Sustainability Act of 2017

This bill amends the Internal Revenue Code to allow a business-related tax credit equal to 75% of the gain from the sale or exchange of real property to a qualified manufactured home community cooperative or corporation if: (1) the property is acquired for use as a manufactured home community, (2) the seller (or any related person) owned the property for the entire two-year period before the sale or exchange, and (3) the property is transferred subject to a binding covenant that the property will be used as a manufactured home community for at least 50 years.

A "qualified manufactured home community cooperative or corporation" is a cooperative or a nonprofit corporation established pursuant to the laws of the state in which the property is located. The bill specifies membership and governance requirements for the communities owned by the cooperative or nonprofit corporation.

The bill also imposes a tax on buyers who violate the covenant to use the property for manufactured housing for at least 50 years.

]]> Manufactured Housing Community Sustainability Act of 2017 Display Title Manufactured Housing Community Sustainability Act of 2017 Official Title as Introduced A bill to amend the Internal Revenue Code of 1986 to allow a business credit for gain from the sale of real property for use as a manufactured home community, and for other purposes. Introduced in Senate IS Short Titles as Introduced Manufactured Housing Community Sustainability Act of 2017 Introduced in Senate 2017-07-19T04:00:00Z https://www.govinfo.gov/content/pkg/BILLS-115s1581is/xml/BILLS-115s1581is.xml 2017-07-19 Read twice and referred to the Committee on Finance. 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.