H.R.3790 - Residential Recovery Zone Act116th Congress (2019-2020) |
|Sponsor:||Rep. Dunn, Neal P. [R-FL-2] (Introduced 07/17/2019)|
|Committees:||House - Ways and Means; Financial Services|
|Latest Action:||House - 07/17/2019 Referred to the Committee on Ways and Means, and in addition to the Committee on Financial Services, for a period to be subsequently determined by the Speaker, in each case for consideration of such provisions as fall within the jurisdiction of the committee concerned. (All Actions)|
This bill has the status Introduced
Here are the steps for Status of Legislation:
- Passed House
- Passed Senate
- To President
- Became Law
Summary: H.R.3790 — 116th Congress (2019-2020)All Information (Except Text)
Introduced in House (07/17/2019)
Residential Recovery Zone Act
This bill allows a new tax credit for the purchase of a principal residence in a residential recovery zone. The credit is equal to 10% of the purchase price of the residence, which may not exceed $1.5 million. The dollar amount of the credit is limited to $8,000 in a taxable year.
The bill allows the chief executive officer (e.g., governor) of a state to designate certain population census tracts in areas related to federally declared disasters as opportunity zones. This makes investments in the areas eligible for various tax incentives.