S. 2689 · 108th Congress
A bill to amend the Internal Revenue Code of 1986 to replace the recapture bond provisions of the low income…
Full title
A bill to amend the Internal Revenue Code of 1986 to replace the recapture bond provisions of the low income housing tax credit program.
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Never voted on. It didn't reach a floor vote before the 108th Congress ended, so it expired. A bill has to be introduced again to be considered in a new Congress.
D
LincolnSponsorNo cosponsors.
Amends the Internal Revenue Code to repeal provisions of the low income housing tax credit requiring a bond to cover recapture amounts from the disposition, prior to a 15-year compliance period, of a building (or interest therein) eligible for the credit.
What it does: CRS summary · Introduced in Senate · Jul 20, 2004
Amends the Internal Revenue Code to repeal provisions of the low income housing tax credit requiring a bond to cover recapture amounts from the disposition, prior to a 15-year compliance period, of a building (or interest therein) eligible for the credit. Provides for a three-year statute of limitation (from the end of the compliance period) for assessing a recapture deficiency.
Requires owners of buildings eligible for the low income housing tax credit to file informational returns with the Secretary of the Treasury upon the occurrence of a recapture event and to provide persons who are named in such returns with specified information. Imposes penalties for failure to file required returns.
Written by the nonpartisan Congressional Research Service. All summary versions on Congress.gov
About this bill and sources
Official title: A bill to amend the Internal Revenue Code of 1986 to replace the recapture bond provisions of the low income housing tax credit program.
Latest action (Jul 20, 2004): Read twice and referred to the Committee on Finance. (text of measure as introduced: CR S8476-8477)
Policy area: Taxation · Origin: Senate · Introduced: Jul 20, 2004
Official page on Congress.gov · Bill text (GovInfo) · Status record (XML)
No recorded floor vote found.