S. 4693, called the "Revitalizing Downtowns and Main Streets Act," aims to amend the Internal Revenue Code to provide a tax credit to encourage the conversion of non-residential buildings into affordable housing. The bill allows for a tax credit equal to 20% of conversion expenses for...
Simple Explanation
The "Revitalizing Downtowns and Main Streets Act" is a rule that gives money back, in the form of a tax credit, to people who change old office buildings into homes that people can afford, especially in areas that need more help. Basically, it wants to make sure there are more affordable places to live by giving a special "money reward" for turning empty offices into nice homes for people who don't earn a lot of money.