Legislation & Legislation Proposals
This summary provides a comprehensive overview of the legislation to amend the Internal Revenue Code of 1986 to require reporting for Qualified Opportunity Funds, to make modifications to Opportunity Zones, and for other purposes.
The Opportunity Zones Reporting and Reform Act of 2019 was created to amend the Internal Revenue Code of 1986 to require reporting for Qualified Opportunity Funds, to make modifications to Opportunity Zones, and for other purposes.
On June 6, Chairwoman of the House Financial Services Committee Maxine Waters (D-CA) and Ranking Member Patrick McHenry (R-NC) released legislation to reform and reauthorize the National Flood Insurance Program for five years.
IRS Revenue Ruling 2018-29: Special Rules for Capital Gains Invested in Opportunity Zones, October 2018
On October 18, 2018, the Treasury Department released proposed regulations providing guidance on the Opportunity Zone (OZ) provisions of Internal Revenue Code section 1400Z-2.
Senate Finance Committee member Dean Heller (R-NV) introduced the Seniors Affordable Housing Tax Credit Act, S. 3580, which would establish a tax credit for owners of multifamily rental property who agree to rent to extremely low-income seniors.
Senator Young’s bill, the Task Force on the Impact of Affordable Housing Crisis Act, establishes an 18-member task force charged with evaluating and quantifying the impact of affordable housing on other government programs and making recommendations to Congress on how to use affordable housing to improve the effectiveness of other federal programs and improve life outcomes.
Senate Finance Committee Ranking Member Wyden (D-OR) introduced the First-Time Homebuyer Credit Act of 2018, S. 3364, which would create a refundable first-time homebuyer tax credit equal to 2.5 percent of the home purchase price up a maximum of $10,000. The credit would phase out for homes selling for $600,000 to $700,000. The credit would also phase out for individual taxpayers with incomes between $80,000 and $100,000 and joint taxpayers with incomes between $160,000 and $180,000.
Senate Finance Committee Ranking Member Ron Wyden (D-OR) introduced the Middle Income Housing Tax Credit Act of 2018, S. 3365, which would create a new state-administered tax credit, modeled after the Low Income Housing Tax Credit (Housing Credit), to stimulate the development of rental housing for middle-income households earning up to 100 percent of area median gross income (AMGI).
Representative Curbelo sends Dear Colleague Cosponsorship Letter for H.R. 1661, "The Affordable Housing Credit Improvement Act."