Possible Conference Agreement On Revenue Provisions of H.R. 3299 Jcx-73-89
Possible Conference Agreement On Revenue Provisions of H.R. 3299 Jcx-73-89
United States. Congress. Joint Committee On Taxation
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If the taxpayer is unable to transfer property at the end of the initial compliance period for continued low-income use, the allocating agency is allowed one year (beginning at the end of the 14th year of compliance period) to find an eligible buyer at a specified price based on outstanding indebtedness and investor equity contributions. If no such buyer is located; the property may be converted to market rate use with the qualification that existing low-income tenants may not be evicted within... three years after the end of the compliance period. The conference agreement follows the House bill on rights of first refusal. f. Allowance of credit for acquisition of existing property and substantial rehabilitation The conference agreement follows the House bill. (1) Minimum qualifying expenditure The conference agreement follows the House bill. (2) Exception for buildings owned by governmental units The conference agreement follows the House bill. Page 10 g. Passive loss restriction on credit use The conference agreement follows the House b i 1 1 .
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