Summary: S.859 — 109th Congress (2005-2006)All Information (Except Text)

There is one summary for S.859. Bill summaries are authored by CRS.

Shown Here:
Introduced in Senate (04/20/2005)

Community Development Homeownership Tax Credit Act - Amends the Internal Revenue Code to allow homebuilders and investors a general business tax credit for building or substantially rehabilitating residences for low and moderate-income individuals in certain areas, including a rural area, an Indian reservation, or an area of chronic economic distress. Sets forth rules for the calculation of such credit and its administration and allocation by the States.