Summary: H.R.4746 — 93rd Congress (1973-1974)All Information (Except Text)

There is one summary for H.R.4746. Bill summaries are authored by CRS.

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Introduced in House (02/27/1973)

Allows a tax deduction under the Internal Revenue Code of not more than $750 for ordinary and necessary expenses paid during the taxable year for the repair or improvement of property used by the taxpayer as his principal residence.

Permits any person who is the owner of rental housing and who rehabilitates or restores such housing to deduct the cost of such restoration, with respect to the amortization of the adjusted basis of such housing as so restored, based on a period of 60 months.

Entitles any person who acquires rehabilitated or restored rental housing from a taxpayer who elected the amortization deduction and who did not discontinue the amortization deduction, to a deduction with respect to the adjusted basis of such facility based on the remaining amount of the 60 month period taken by the person who rehabilitated the house.

Provides procedures for the election and termination of the amortization deduction and defines the terms used in this Act.