118th Congress Taxation
H.R. 5176: Affordable and Homeless Housing Incentives Act of 2023
Introduced
- Introduced (completed)
- Passed House (not reached)
- Passed Senate (not reached)
- To the President (not reached)
- Became law (not reached)
Summary
This bill allows nonrecognition of gain, for income tax purposes, from the sale of real property to a qualified housing operator for use or development by such operator as affordable housing. The bill defines qualified housing operator to include a state or local government, a tribally designated housing entity, a community housing development organization, or a tax-exempt entity organized to provide affordable housing and which receives federal, state, or local grants to develop or operate such housing.
To be eligible for nonrecognition of gain, the seller must make the property either (1) residential rental property, not less than 75% of the units of which are affordable to low-income families; or (2) a homeless shelter.
The Departmental Enforcement Center of the Department of Housing and Urban Development must ensure that sales of real property under this bill meet certain involuntary conversion requirements.
Written by the Congressional Research Service, Library of Congress.
Roll calls
No roll call votes have been held on this bill.
Amendments
No amendments were offered to this bill.
Cosponsors
- Scott Peters D-CAOriginal
Who scored on this bill
No member has earned points from it yet.
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History
- Introduced in the House by Adam Schiff.
Show the full action history (2 actions)
- Introduced in House
- Referred to the House Committee on Ways and Means.