Bills introduced in both houses of Congress on July 11 propose a federal tax credit to support converting older, underused offices and commercial buildings into residential real estate. The bills aim to alleviate housing shortages and revitalize downtown areas, reports Novogradac.
The Revitalizing Downtowns and Main Street Act, H.R. 9002, was introduced by Reps. Mike Carey and Jimmy Gomez, with a companion bill, S. 4693, introduced in the Senate by Sens. Debbie Stabenow, Sherrod Brown, Gary Peters and Alex Padilla. The proposed legislation would authorize a tax credit of up to