H.R.796 - Community Revitalization Tax Act of 1989101st Congress (1989-1990)
|Sponsor:||Rep. Kennelly, Barbara B. [D-CT-1] (Introduced 02/02/1989)|
|Committees:||House - Ways and Means|
|Latest Action:||House - 02/02/1989 Referred to the House Committee on Ways and Means. (All Actions)|
This bill has the status Introduced
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Summary: H.R.796 — 101st Congress (1989-1990)All Information (Except Text)
Introduced in House (02/02/1989)
Community Revitalization Tax Act of 1989 - Amends Internal Revenue Code income tax accounting rules to treat rehabilitation investment credits and low-income housing credits as credits not derived from passive activities.
Revises the limitation on the general business credit to allow a maximum annual credit equal to the first $20,000 of an individual taxpayer's income tax liability plus 80 percent of any excess liability.