H.R.1147 - CRE Act of 2011112th Congress (2011-2012)
|Sponsor:||Rep. Nunes, Devin [R-CA-21] (Introduced 03/17/2011)|
|Committees:||House - Ways and Means|
|Latest Action:||House - 03/17/2011 Referred to the House Committee on Ways and Means. (All Actions)|
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Summary: H.R.1147 — 112th Congress (2011-2012)All Information (Except Text)
Introduced in House (03/17/2011)
Community Recovery and Enhancement Act of 2011 or the CRE Act of 2011 - Amends the Internal Revenue Code to allow a tax deduction for payments made to reduce debt on eligible commercial property. Limits the amount of such deduction to the lesser of: (1) 50% of the excess of the amount of qualified debt secured by such property, (2) 50% of the fair market value of such property, (3) $10 million, or (4) the adjusted basis of such property at the close of the taxable year.
Defines "eligible commercial property" as any commercial real property if: (1) the amount of the qualified indebtedness secured by such property is at least 85% of the fair market value of the property, or (2) such property is, or is reasonably expected to be, treated as being in an in-substance foreclosure by the Comptroller of the Currency.
Denies a tax deduction for debt reduction payments that are debt-financed. Requires a recapture in income of tax deduction amounts allowed by this Act if additional indebtedness is incurred within three years after a qualified debt reduction payment is made.