3.0.0 2511 2023-03-08T20:12:49Z 2023-03-08T20:12:49Z Senate S 2021-07-28 117 ssfi00 Finance Committee Senate Standing Referred to 2021-07-28T20:01:10Z Revitalizing Downtowns Act 117 4759 HR 2021-07-28 Referred to the House Committee on Ways and Means. Identical bill CRS 2021-07-28 ssfi00 Finance Committee Senate Read twice and referred to the Committee on Finance. IntroReferral 2021-07-28 Introduced in Senate IntroReferral 10000 9 Library of Congress S000770 Sen. Stabenow, Debbie [D-MI] Debbie Stabenow D MI N P000595 Sen. Peters, Gary C. [D-MI] Gary Peters D MI 2021-07-28 True B000944 Sen. Brown, Sherrod [D-OH] Sherrod Brown D OH 2021-10-06 False P000145 Sen. Padilla, Alex [D-CA] Alex Padilla D CA 2021-10-28 False Taxation Taxation 00 2021-07-28 Introduced in Senate 2021-08-30T16:19:40Z Revitalizing Downtowns Act

This bill expands the investment tax credit to add a qualified office conversion credit. The amount of such credit is 20% of the qualified conversion expenditures with respect to a qualified converted building. The bill defines qualified converted building as any building if (1) prior to conversion, the building was nonresidential real property which was leased, or available for lease, to office tenants; (2) the building has been substantially converted from an office use to a residential, retail, or other commercial use; (3) the building was initially placed in service at least 25 years prior to the beginning of the conversion, and (4) straight line depreciation is allowable with respect to the building.

]]> Revitalizing Downtowns Act Official Title as Introduced A bill to amend the Internal Revenue Code of 1986 to provide an investment credit for the conversion of office buildings into other uses. Introduced in Senate IS Display Title Revitalizing Downtowns Act Short Title(s) as Introduced Revitalizing Downtowns Act Introduced in Senate IS Introduced in Senate 2021-07-28T04:00:00Z https://www.govinfo.gov/content/pkg/BILLS-117s2511is/xml/BILLS-117s2511is.xml 2021-07-28 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.