Tax Credits for Resolution Trust Corporation Property Sales: Hearing Before the Subcommittee on Taxation of the Committee on Finance, United States Senate, One Hundred Second Congress, First Session, on S. 1787, October 22, 1991, Volume 4 |
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$80 billion 80 percent ADR credit alternative alternative minimum tax Asset Disposition bill capital gains Chairman CHAISSON commercial property Congress Congressional create credit crunch DAVID BOREN discount rate Disposition and Revitalization economic effect erty FDIC property Federal Government financial institutions funds going holding costs increase inventory investment John Breaux legislation low-income housing lower the price market value net present value passive loss rules potential buyers present value private sector problem prop property held property values purchase price purchasers of RTC real estate assets real estate industry real estate market real property reduce REISCHAUER Resolution Trust Corporation revenue loss RTC and FDIC RTC credit RTC property credit RTC tax credit RTC's sales of RTC sales prices savings and loan Secretary GRAETZ seller financing Senator BOREN Senator BREAUX Senator Kerry sold Subcommittee tax benefits tax credit proposal tax incentives tax revenue taxpayer Treasury U.S. REPRESENTATIVE William Seidman
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Page 49 - The adjusted basis of such property, shall be treated as gain from the sale or exchange of property which is neither a capital asset nor property described In section 1231. Such gain shall be recognized notwithstanding any other provision...
Page 46 - A residential rental project qualifies for the low-income housing credit only if (1) 20 percent or more of the aggregate residential rental units are occupied by individuals with incomes of 50 percent or less of area median income, as adjusted for family size, or (2) 40 percent or more of the aggregate residential rental units in the project are occupied by individuals with incomes of 60 percent or less of area median income, as adjusted for family size. Rents charged to families in units on which...
Page 56 - Development, the Chairman of the Federal Deposit Insurance Corporation, the Chairman of the Federal Home Loan Bank Board, and such others as the President may, from time to time.
Page 5 - STATEMENT OF HON. JOHN F. KERRY, A US SENATOR FROM THE STATE OF MASSACHUSETTS Senator KERRY.
Page 47 - Credit eligibility also depends on the existence of a 30-year extended low-income use agreement for the property. If property on which a low-income housing credit is claimed ceases to qualify as low-income rental housing or is disposed of before the end of a 15year credit compliance period, a portion of the credit may be recaptured. The 30-year extended use agreement creates a State law right to enforce low-income use for an additional 15 years after the initial 15-year recapture period.
Page 46 - The credit amount is based on the qualified basis of the housing units serving the low-income tenants. A residential rental project will qualify for the credit only if ( 1) 20 percent or more of the aggregate residential rental units in the project are occupied by individuals with 50 percent or less of area median income, or (2) 40 percent or more of the aggregate residential rental units in the project are occupied by individuals with 60 percent or less of area median income. These income figures...
Page 47 - State law right to enforce low-income use for an additional 15 years after the initial 15-year recapture period. In order for a building to be a qualified low-income building, the building owner generally must receive a credit allocation from the appropriate credit authority. An exception is provided for property that is substantially financed with the proceeds of tax-exempt bonds subject to the State's private-activity bond volume limitation. The low-income housing credit is allocated by State or...
Page 47 - Deductions attributable to passive activities, to the extent they exceed income from passive activities, generally may not be deducted against other income, such as wages, portfolio income, or business income that is not derived from a passive activity. Deductions...
Page 60 - Restrictions on use of credit to offset tax The rehabilitation credit is subject to the rules of the general business credit, including the maximum amount of income tax liability that may be reduced by a general business credit in any one year. This limitation generally is equal to the excess (if any) of the taxpayer's net income tax over the greater of (1) the taxpayer's tentative minimum tax for the year, or (2) 25 percent of so much of the taxpayer's net regular tax liability as exceeds $25,000....
Page 94 - I would like to thank the subcommittee for the opportunity to express my full support for HR 4060 which guarantees a full increase in the 1987 annuities of federal retirees.