legislation: 95-s-2993

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bill_id congress bill_type bill_number title policy_area introduced_date latest_action_date latest_action_text origin_chamber sponsor_name sponsor_state sponsor_party sponsor_bioguide_id cosponsor_count summary_text update_date url
95-s-2993 95 s 2993 A bill to amend the Internal Revenue Code of 1954 to provide a credit against tax for certain expenditures in connection with the rehabilitation of certain buildings. Taxation 1978-04-26 1978-04-26 Referred to Senate Committee on Finance. Senate Sen. Bentsen, Lloyd M. [D-TX] TX D B000401 0 Amends the Internal Revenue Code to permit a credit against tax equalling ten percent of the expenditures in rehabilitating residential, commercial, and industrial structures which are at least 20 years old and have a useful life of five years or more. Limits the allowable credit to $2,000 in any taxable year. Requires that expenditures for rehabilitation exceed $3,000 over a period of two consecutive years. Permits a carryback and carryover of the credit to other years if ten percent of the expenditures for rehabilitation in any taxable year exceeds $2,000. Increases the tax liability of a non-residential owner of a rehabilitated structure who sells such structure by the amount of the credit allowed for rehabilitation in the taxable year of the sale and the prior two taxable years. 2024-08-01T20:10:30Z https://www.congress.gov/bill/95th-congress/senate-bill/2993

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