Summary: H.R.4895 — 94th Congress (1975-1976)All Information (Except Text)

There is one summary for H.R.4895. Bill summaries are authored by CRS.

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Introduced in House (03/13/1975)

Allows a tax deduction up to $750 for ordinary and necessary expenses incurred by a taxpayer under the Internal Revenue Code in making repairs and improvements to his residence during the taxable year.

Allows the owner of rental housing to amortize at an accelerated rate (over a 60-month period) the cost of rehabilitating or restoring such housing. Authorizes the taxpayer to switch from such accelerated amortization to the regular depreciation deduction allowable under the Internal Revenue Code for property used in a trade or business or held for the production of income.