3.0.0 5176 2024-07-24T15:20:39Z 2024-07-24T15:20:39Z House H HR 2023-08-08 118 [Congressional Record Volume 169, Number 134 (Tuesday, August 8, 2023)][House]From the Congressional Record Online through the Government Publishing Office [www.gpo.gov]By Mr. SCHIFF:H.R. 5176.Congress has the power to enact this legislation pursuantto the following:Article I, Section 8 of the United States ConstitutionThe single subject of this legislation is:Taxes[Page H4172]]]> hswm00 Ways and Means Committee House Standing Referred to 2023-08-08T14:31:35Z 2023-08-08 Referred to the House Committee on Ways and Means. IntroReferral H11100 2 House floor actions hswm00 Ways and Means Committee 2023-08-08 Introduced in House IntroReferral Intro-H 9 Library of Congress 2023-08-08 Introduced in House IntroReferral 1000 9 Library of Congress S001150 Rep. Schiff, Adam B. [D-CA-30] ADAM SCHIFF D CA B. 30 N P000608 Rep. Peters, Scott H. [D-CA-50] Scott Peters D CA H. 50 2023-08-08 True Taxation Taxation 2023-09-01T15:30:24Z 00 2023-08-08 Introduced in House 2023-09-22T14:42:55Z Affordable and Homeless Housing Incentives Act of 2023

This bill allows nonrecognition of gain, for income tax purposes, from the sale of real property to a qualified housing operator for use or development by such operator as affordable housing. The bill defines qualified housing operator to include a state or local government, a tribally designated housing entity, a community housing development organization, or a tax-exempt entity organized to provide affordable housing and which receives federal, state, or local grants to develop or operate such housing.

To be eligible for nonrecognition of gain, the seller must make the property either (1) residential rental property, not less than 75% of the units of which are affordable to low-income families; or (2) a homeless shelter.

The Departmental Enforcement Center of the Department of Housing and Urban Development must ensure that sales of real property under this bill meet certain involuntary conversion requirements.

]]> Affordable and Homeless Housing Incentives Act of 2023 Display Title 45 Affordable and Homeless Housing Incentives Act of 2023 2024-07-24T15:20:39Z Short Title(s) as Introduced 101 Affordable and Homeless Housing Incentives Act of 2023 2024-05-24T13:37:03Z Introduced in House IH Official Title as Introduced 6 To amend the Internal Revenue Code of 1986 to allow for nonrecognition of gain on real property sold for use as affordable housing. 2024-03-18T21:17:53Z Introduced in House IH Introduced in House 2023-08-08T04:00:00Z https://www.govinfo.gov/content/pkg/BILLS-118hr5176ih/xml/BILLS-118hr5176ih.xml 2023-08-08 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.