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Bill Summary

Page_white_text H1562: To amend the Internal Revenue Code of 1986 to extend and expand certain rules with respect to housing in the GO Zones    [0 comments]
Amends the Internal Revenue Code to: (1) qualify certain buildings in the Gulf Opportunity Zone, the Rita GO Zone, and the Wilma GO Zone (GO Zones) placed in service before 2011 for a full housing tax credit if such buildings receive (or received) a state or local housing credit allocation in 2006, 2007, or 2008; (2) extend through 2010 the treatment of such GO Zones as difficult development areas eligible for an increased housing tax credit; (3) exclude the receipt of certain federal assistance in determining whether GO Zone buildings eligible for the housing tax credit are federally subsidized and therefore subject to limitations on such credit; and (4) treat qualified GO Zone repair and reconstruction loans provided prior to 2011 as qualified rehabilitation loans financed by tax-exempt bonds.
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Additional Information
WorldH1562 at GovTrack BookH1562 at the Library of Congress
Sponsor

Photo Democrat
New York
http://rangel.house.gov

Co-Sponsors
Rep. John Lewis [D, GA-5]
Rep. James McCrery [R, LA-4]
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