H.R.2138 - Commercial Revitalization Tax Act of 1995104th Congress (1995-1996)
|Sponsor:||Rep. English, Phil [R-PA-21] (Introduced 07/28/1995)|
|Committees:||House - Ways and Means|
|Latest Action:||07/28/1995 Referred to the House Committee on Ways and Means. (All Actions)|
This bill has the status Introduced
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Summary: H.R.2138 — 104th Congress (1995-1996)All Bill Information (Except Text)
Introduced in House (07/28/1995)
Commercial Revitalization Tax Act of 1995 - Amends the Internal Revenue Code to allow an investment tax credit equal to a percentage of expenditures for depreciable property in connection with the rehabilitation or reconstruction of a nonresidential building located in: (1) an empowerment zone or enterprise community; (2) an area established pursuant to a consolidated planning process for the use of Federal housing and community development funds; or (3) a low-income commercial revitalization district specially designated by a State or local government which is not primarily a nonresidential central business district. Requires, for qualification of such expenditures, that they exceed 25 percent of the fair market value of the building before rehabilitation.
Imposes a State ceiling on the availability of the credit.