S. 3354 · 114th Congress
Bringing Business Back Act of 2016
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Never voted on. It didn't reach a floor vote before the 114th Congress ended, so it expired. A bill has to be introduced again to be considered in a new Congress.
R
KirkSponsor1 cosponsor · 1 D
1 signed on when it was introduced; the rest joined later. Cosponsors who withdrew aren't shown.
This bill amends the Internal Revenue Code to allow income or gain attributable to certain real property to be excluded from gross income for a one-year period in which the income attributable to the real property exceeds the pre-depreciation expenses attributable to the property.
What it does: CRS summary · Introduced in Senate · Sep 20, 2016
Bringing Business Back Act of 2016
This bill amends the Internal Revenue Code to allow income or gain attributable to certain real property to be excluded from gross income for a one-year period in which the income attributable to the real property exceeds the pre-depreciation expenses attributable to the property.
The exclusion applies to real property that has been certified by the state or local zoning authority and any economic development board as: (1) zoned for commercial use, (2) undeveloped and vacant during the two-year period ending on the date of certification, and (3) located within a qualified census tract.
A "qualified census tract" is any census tract that: (1) has an average poverty rate exceeding the national average poverty rate or an unemployment rate above the national unemployment rate; and (2) exhibits another condition of distress, such as deteriorating infrastructure or population decline.
A census tract is also qualified if it is located in a rural community that: (1) has an unemployment rate of at least 6%, and (2) in which at least 50% of the houses were constructed before 1980.
Written by the nonpartisan Congressional Research Service. All summary versions on Congress.gov
About this bill and sources
Official title: Bringing Business Back Act of 2016
Latest action (Sep 20, 2016): Read twice and referred to the Committee on Finance.
Policy area: Taxation · Origin: Senate · Introduced: Sep 20, 2016
Official page on Congress.gov · Bill text (GovInfo) · Status record (XML)
No recorded floor vote found.