Summary: H.R.3790 — 116th Congress (2019-2020)All Information (Except Text)

There is one summary for H.R.3790. Bill summaries are authored by CRS.

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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.