Search Results: keywords:"recapture rules"

  • H. R. 1454 — To amend the Internal Revenue Code of 1986 to enhance the rehabilitation credit for buildings in rural areas.
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    Status:Introduced in House
    Words:1,973

    The bill H. R. 1454 aims to improve rehabilitation credits for buildings located in rural areas by amending the Internal Revenue Code of 1986. It provides enhanced tax credits for rural building projects, especially those meant for affordable housing, allowing up to 40%...

    Simple Explanation

    The bill H. R. 1454 is like giving bonus points to help fix up old buildings in countryside areas, especially to make homes cheaper. The plan includes rules to make sure people really make the homes affordable and to let them share the bonus points, but some parts might make it tricky and confusing.

  • S. 631 — To amend the Internal Revenue Code of 1986 to enhance the rehabilitation credit for buildings in rural areas.
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    Status:Introduced in Senate
    Words:1,975

    S. 631 aims to amend the Internal Revenue Code of 1986 to improve the rehabilitation tax credit for buildings located in rural areas. The bill proposes enhanced credit rates for qualified rehabilitation expenditures, with projects in rural areas receiving a 40% credit if they...

    Simple Explanation

    S. 631 is a proposal that aims to help fix up old buildings in countryside areas by giving money back to those who spend on repairs, especially for homes that people can afford to live in. It gives bigger rewards to projects that mostly have homes and allows sharing of these rewards with others if needed.

  • S. 3940 — To amend the Internal Revenue Code of 1986 to provide for a first-time homebuyer credit, and for other purposes.
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    Status:Introduced in Senate
    Words:3,719

    The bill, titled the "First-Time Homebuyer Tax Credit Act of 2024," aims to amend the Internal Revenue Code of 1986 to provide a refundable tax credit for individuals purchasing their first home in the United States. It allows a credit of 10% of the home's purchase price, up to a maximum of...

    Simple Explanation

    The First-Time Homebuyer Tax Credit Act of 2024 wants to help people buy their first home by giving them some money back as a special reward, up to $15,000. It has some tricky rules about who can get the money, how much money they make, and if they might have to give it back if they sell their house too soon.