3.0.0 3790 2022-11-01T13:50:34Z 2022-11-01T13:50:34Z House HR 2019-07-17 116 [Congressional Record Volume 165, Number 120 (Wednesday, July 17, 2019)][House]From the Congressional Record Online through the Government Publishing Office [www.gpo.gov]By Mr. DUNN:H.R. 3790.Congress has the power to enact this legislation pursuantto the following:Article I, Section 8, United States Constitution: Congressshall have the power ``to make all Laws which shall benecessary and proper for carrying into Execution theforegoing Powers, and all other Powers vested by thisConstitution in the Government of the United States, or inany Department or Officer thereof.''[Page H6000]]]> hsba00 Financial Services Committee House Standing Referred to 2019-07-17T14:03:25Z hswm00 Ways and Means Committee House Standing Referred to 2019-07-17T14:03:20Z Disaster Recovery and Opportunity Act of 2019 116 1851 HR 2019-03-21 Referred to the House Committee on Ways and Means. Related bill CRS 2019-07-17 Referred to the Committee on Ways and Means, and in addition to the Committee on Financial Services, for a period to be subsequently determined by the Speaker, in each case for consideration of such provisions as fall within the jurisdiction of the committee concerned. IntroReferral H11100 2 House floor actions hsba00 Financial Services Committee 2019-07-17 Referred to the Committee on Ways and Means, and in addition to the Committee on Financial Services, for a period to be subsequently determined by the Speaker, in each case for consideration of such provisions as fall within the jurisdiction of the committee concerned. IntroReferral H11100 2 House floor actions hswm00 Ways and Means Committee 2019-07-17 Introduced in House IntroReferral Intro-H 9 Library of Congress 2019-07-17 Introduced in House IntroReferral 1000 9 Library of Congress D000628 Rep. Dunn, Neal P. [R-FL-2] Neal Dunn R FL P. 2 N S001214 Rep. Steube, W. Gregory [R-FL-17] W. Steube R FL Gregory 17 2019-10-28 False Taxation Banking and financial institutions regulation Business investment and capital Business records Capital gains tax Credit and credit markets Disaster relief and insurance Economic development Housing and community development funding Housing finance and home ownership Income tax credits Income tax deferral Natural disasters Residential rehabilitation and home repair State and local government operations Taxation 00 2019-07-17 Introduced in House 2019-07-31T15:47:47Z Residential Recovery Zone Act

This bill allows a new tax credit for the purchase of a principal residence in a residential recovery zone. The credit is equal to 10% of the purchase price of the residence, which may not exceed $1.5 million. The dollar amount of the credit is limited to $8,000 in a taxable year.

The bill allows the chief executive officer (e.g., governor) of a state to designate certain population census tracts in areas related to federally declared disasters as opportunity zones. This makes investments in the areas eligible for various tax incentives.

]]> Residential Recovery Zone Act Display Title Residential Recovery Zone Act Official Title as Introduced To amend the Internal Revenue Code of 1986 to provide for a credit against tax for homebuyers purchasing residences in residential recovery zones, and for other purposes. Introduced in House IH Short Title(s) as Introduced Residential Recovery Zone Act Introduced in House IH Introduced in House 2019-07-17T04:00:00Z https://www.govinfo.gov/content/pkg/BILLS-116hr3790ih/xml/BILLS-116hr3790ih.xml 2019-07-17 Referred to the Committee on Ways and Means, and in addition to the Committee on Financial Services, for a period to be subsequently determined by the Speaker, in each case for consideration of such provisions as fall within the jurisdiction of the committee concerned. 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.