H.R. 1043House110th Congress (2007-2009)In Committee

Community Restoration and Revitalization Act of 2007

Introduced February 14, 2007

Legislative Activity

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HouseIntro Referral Latest Action

Referred to the House Committee on Ways and Means.

February 14, 2007

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HouseIntro Referral

Introduced in House

February 14, 2007

HouseIntro Referral

Referred to the House Committee on Ways and Means.

February 14, 2007

Floor Debate

22 members

What members said about H.R. 1043 on the floor

8 Republicans14 Democrats
Judy Biggert
Rep. Judy BiggertR-IL-13 · Mar 20, 2007

Mr. Chairman, I yield myself such time as I may consume. Mr. Chairman, let me begin by thanking Chairman Frank for bringing this bill to the House floor today and for presiding over a constructive…

Maxine Waters
Rep. Maxine WatersD-CA-35 · Mar 20, 2007

I thank the gentleman. Mr. Chairman, first, let me thank the Chair of the Financial Services Committee, Mr. Barney Frank, for all of the time and attention he has placed on making this our number one…

Barney Frank
Rep. Barney FrankD-MA-4 · Mar 20, 2007

Mr. Chairman, I begin by yielding myself 1 minute, and then yield to the main author of this bill, the gentlewoman from California. This is a bill which comes to this House about 18 months late. It…

Sheila Jackson Lee
Rep. Sheila Jackson LeeD-TX-18 · Mar 20, 2007

Mr. Chairman, I rise in strong support of H.R. 1227, the Gulf Coast Hurricane Housing Recovery Act of 2007. Among other things, this legislation includes provisions designed to speed up the repair…

Corrine Brown
Rep. Corrine BrownD-FL-3 · Mar 20, 2007

Mr. Chairman, I offer an amendment. Mr. Chairman, before I begin, I want to thank Mr. Barney Frank, chairman of the committee, and Maxine Waters and other members of the Committee on Financial…

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Randy Neugebauer
Rep. Randy NeugebauerR-TX-19 · Mar 20, 2007

Mr. Chairman, I thank Ranking Member Biggert of the subcommittee for yielding. And I also want to rise and thank Chairwoman Waters, the subcommittee chairman of Housing, for having the hearings down…

Al Green
Rep. Al GreenD-TX-9 · Mar 20, 2007

Mr. Chairman, I thank the Members who have spoken before me, and I am greatly concerned about the amendment. I am concerned because I, too, understand what happened with 9/11. It was one of the great…

Spencer Bachus
Rep. Spencer BachusR-AL-6 · Mar 20, 2007

Mr. Chairman, I thank the gentlewoman for yielding. Hurricane Katrina was a terrible tragedy for people all along the gulf coast, for the people of New Orleans, but it was a greater tragedy for those…

Jeb Hensarling
Rep. Jeb HensarlingR-TX-5 · Mar 20, 2007

Mr. Chairman, I have an amendment at the desk. Mr. Chairman, I yield myself such time as I may consume. Mr. Chairman, first, I wish to associate myself with the comments of my colleague from Texas…

Mark Udall
Rep. Mark UdallD-CO-2 · May 8, 2008

Mr. Chairman, I rise in support of H.R. 5818, the Neighborhood Stabilization Act of 2008. This bill would provide $15 billion in loans and grants, administered by the U.S. Department of Housing and…

Barney Frank
Rep. Barney FrankD-MA-4 · May 8, 2008

Mr. Chairman, I move to lay the appeal on the table. Mr. Chairman, I demand a recorded vote. Mr. Speaker, I rise to speak in opposition to the motion to recommit. Mr. Speaker, I hope we are here…

James L. Oberstar
Rep. James L. OberstarD-MN-8 · Mar 20, 2007

I thank the gentleman for yielding time rather than turf. And the gentleman is quite right. I greatly appreciate the participation that we had, the partnership between our two committees. And I want…

Melvin L. Watt
Rep. Melvin L. WattD-NC-12 · Mar 20, 2007

Mr. Chairman, I have been listening with some interest to the comments on this amendment, and I think there would be substantially more credibility for the people who are advancing it if there had…

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Richard H. Baker
Rep. Richard H. BakerR-LA-6 · Mar 20, 2007

Mr. Chairman, I thank the gentlelady for her courtesy. I rise today to make observation that when a hurricane makes landfall, most people do not consider it a Republican or a Democratic event; that…

Stephanie Tubbs Jones
Rep. Stephanie Tubbs JonesD-OH-11 · May 8, 2008

Mr. Chairman, I rise today in support of this housing package because it is imperative that Congress take action to assist homeowners struggling today. The epidemic of home losses in this country is…

John D. Dingell
Rep. John D. DingellD-MI-15 · May 8, 2008

Mr. Chairman, this legislation represents a fair, commonsense solution that will give assistance to communities struggling to deal with the problem of vacant homes, help stabilize the housing market,…

John B. Shadegg
Rep. John B. ShadeggR-AZ-3 · May 8, 2008

Mr. Speaker, I have a motion at the desk. I am in its present form. Mr. Speaker, this legislation is flawed in many respects. It provides $7.5 billion in loans to cities, States, and nonprofits to…

David Dreier
Rep. David DreierR-CA-26 · Mar 20, 2007

Mr. Chairman, I stand today in opposition to this rule and the underlying legislation, H.R. 1227, the Gulf Coast Hurricane Housing Recovery Act of 2007. The stated goal of H.R. 1227--to facilitate…

Jeff Fortenberry
Rep. Jeff FortenberryR-NE-1 · Apr 29, 2008

Mr. Speaker, I would like to begin by thanking the gentleman from West Virginia (Mr. Rahall) for his assistance in bringing this important resolution to the floor, as well as the distinguished…

Chris Van Hollen
Rep. Chris Van HollenD-MD-8 · May 8, 2008

Speaker, I rise in support of the second amendment to the American Housing Rescue and Foreclosure Prevention Act of 2008. Today, one quarter of subprime adjustable-rate mortgages are delinquent by 90…

Stephanie Tubbs Jones
Rep. Stephanie Tubbs JonesD-OH-11 · Mar 20, 2007

Mr. Chairman, I would like to thank the chairman of the full committee, the Chair of the housing subcommittee, as well as the ranking members. I used to serve on both of these committees when I was…

Elijah E. Cummings
Rep. Elijah E. CummingsD-MD-7 · Mar 20, 2007

Mr. Chairman, I rise today in support of H.R. 1227, the ``Gulf Coast Hurricane Housing Recovery Act of 2007.'' This legislation institutes long overdue reforms in our response to the devastation that…

William J. Jefferson
Rep. William J. JeffersonD-LA-2 · Mar 20, 2007

Mr. Chairman, I thank the gentleman for yielding. I rise today in strong support of H.R. 1227, the Gulf Coast Hurricane Housing Recovery Act of 2007. This bill is just another example of the…

Bob Etheridge
Rep. Bob EtheridgeD-NC-2 · May 8, 2008

Mr. Speaker, I rise in support of H.R. 3221, American Housing Rescue and Foreclosure Prevention Act of 2008, and amendments to the bill. This bill is a critical step towards stabilizing our housing…

Bill Text

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Introduced in HouseIssued February 14, 2007

I

110th CONGRESS

1st Session

H. R. 1043

IN THE HOUSE OF REPRESENTATIVES

February 14, 2007

Mrs. Jones of Ohio (for herself, Mr. English of Pennsylvania, Mr. Neal of Massachusetts, Mr. Emanuel, Mr. Blumenauer, Mr. Pascrell, Ms. Berkley, Mr. Davis of Alabama, Mr. Turner, Mr. Holt, Mr. Miller of Florida, Mr. Marshall, Mr. Paul, Mr. Ehlers, Mr. Langevin, Mr. Schiff, Mr. Miller of North Carolina, Ms. McCollum of Minnesota, Ms. Schakowsky, Mr. Kennedy, Mr. Ross, Ms. Eddie Bernice Johnson of Texas, Ms. Herseth, Ms. Carson, and Mr. Filner) introduced the following bill; which was referred to the Committee on Ways and Means

A BILL

To amend the Internal Revenue Code of 1986 to modify the rehabilitation credit and the low-income housing credit.

1.

Short title

This Act may be cited as the Community Restoration and Revitalization Act of 2007.

2.

Modifications to rules for determining the applicable percentage for certain buildings eligible for low-income housing credit

(a)

In general

Subparagraph (B) of section 42(b)(2) of the Internal Revenue Code of 1986 (relating to the method of prescribing the applicable percentage) is amended by striking and at the end of clause (i), by striking the period at the end of clause (ii) and inserting a comma, and by adding at the end the following new clauses:

(iii)

87.5 percent of the qualified basis of a building described in paragraph (1)(A), if the basis of the building is subject to the basis adjustment for rehabilitation credit property required under section 50(c), and

(iv)

37.5 percent of the qualified basis of a building described in paragraph (1)(B), if the basis of the building is subject to the basis adjustment for rehabilitation credit property required under section 50(c).

.

(b)

Effective date

The amendments made by this section shall apply to—

(1)

housing credit dollar amounts allocated after December 31, 2006, and

(2)

buildings placed in service after such date to the extent paragraph (1) of section 42(h) of the Internal Revenue Code of 1986 does not apply to any building by reason of paragraph (4) thereof, but only with respect to bonds issued after such date.

3.

Modification to basis adjustment rule

(a)

In general

Paragraph (3) of subsection 50(c) of the Internal Revenue Code of 1986 (relating to special rules for determining basis) is amended by inserting or rehabilitation credit after energy credit.

(b)

Effective date

The amendment made by this section shall apply to taxable years beginning after December 31, 2006.

4.

Increase in the rehabilitation credit for certain smaller projects

(a)

In general

Section 47 of the Internal Revenue Code of 1986 (relating to rehabilitation credit) is amended by adding at the end the following new subsection:

(e)

Special rule regarding certain smaller projects

(1)

In general

In the case of any qualified rehabilitated building or portion thereof—

(A)

which is placed in service after the date of the enactment of this subsection, and

(B)

which is a smaller project,

subsection (a)(2) shall be applied by substituting 40 percent for 20 percent with respect to qualified rehabilitation expenditures not over $1,000,000, and 20 percent with respect to qualified rehabilitation expenditures of over $1,000,000.
(2)

Smaller project defined

For purposes of this section, the term smaller project means any qualified rehabilitated building or portion thereof as to which—

(A)

the qualified rehabilitation expenditures reported by the taxpayer for purposes of calculating the credit under this section are not over $2,000,000, except that for purposes of making this determination, qualified rehabilitation expenditures attributable to the provisions of subsection (c)(2)(E) shall be disregarded, and

(B)

no credit was allowable under this section during any of the two prior taxable years, provided that this subparagraph shall not apply to any building as to which the election provided for in subsection (d)(5) shall have been made.

(3)

Coordination with subsection (d)

With respect to any building as to which the election provided for in subsection (d)(5) shall have been made, such building shall be deemed a smaller project only if the qualified rehabilitation expenditures reported by the taxpayer for purposes of calculating the credit under this section with respect to the taxable years to which such election shall apply are, in the aggregate, not over $2,000,000.

.

(b)

Effective date

The amendment made by this section shall apply to property placed in service after the date of the enactment of this Act.

5.

Use for lodging not to disqualify for rehabilitation credit property which is not a certified historic structure

(a)

In general

Subparagraph (C) of section 50(b)(2) of the Internal Revenue Code of 1986 (relating to property eligible for the investment credit) is amended by striking certified historic structure and inserting qualified rehabilitated building.

(b)

Effective date

The amendment made by this section shall apply to property placed in service after the date of the enactment of this Act.

6.

Date by which building must be first placed in service

(a)

In General

Subparagraph (B) of section 47(c)(1) of the Internal Revenue Code of 1986 (relating to the date by which building must be first placed in service) is amended—

(1)

by striking Building must be first placed in service before 1936 and inserting Date by which building must first be placed in service, and

(2)

by striking before 1936 at the end of the subparagraph and inserting no less than 50 years prior to the year in which qualified rehabilitation expenditures are taken into account under subsection (b)(1).

(b)

Effective date

The amendments made by section shall apply to property placed in service after the date of the enactment of this Act.

7.

Modifications regarding certain tax-exempt use property

(a)

In general

Clause (I) of section 47(c)(2)(B)(v) of the Internal Revenue Code of 1986 (relating to tax-exempt use property) is amended by striking ). at the end and inserting , except that for purposes of this clause, 50 percent shall be substituted for 35 percent in applying section 168(h)(1)(B)(iii))..

(b)

Effective date

The amendments made by section shall apply to property placed in service after the date of the enactment of this Act.

8.

Increase in rehabilitation credit for buildings in high cost areas

(a)

In general

Paragraph (2) of subsection 47(c) of the Internal Revenue Code of 1986 (relating to the definition of qualified rehabilitation expenditures) is amended by adding at the end the following new subparagraph:

(E)

Increase in credit for buildings in high cost areas

(i)

In general

In the case of any qualified rehabilitated building located in a qualified census tract or difficult development area which is designated for purposes of this subparagraph, the qualified rehabilitation expenditures for purposes of this section shall be 130 percent of such expenditures determined without regard to this subparagraph.

(ii)

Rules

For purposes of clause (i), rules similar to the rules of section 42(d)(5)(C) (excluding clause (i) thereof) shall be applied.

.

(b)

Effective date

The amendments made by this section shall apply to property placed in service after the date of the enactment of this Act.

9.

Recapture of rehabilitation credit for certified historic structure not triggered by condominium transaction

(a)

In general

Subsection (a) of section 50 of the Internal Revenue Code of 1986 (relating to recapture of credits upon disposition of property) is amended by adding at the end thereof the following new paragraph:

(6)

Special rule for certified historic structures

In the case of the rehabilitation credit determined under section 47(a)(2), paragraphs (1) and (2) shall not apply to a transaction in which a portion of the building is transferred as a condominium unit.

.

(b)

Effective date

The amendment made by this section shall apply to transfers after the date of enactment of this Act.