Us Congress 2023-2024 Regular Session

Us Congress House Bill HB419 Compare Versions

Only one version of the bill is available at this time.

Old	New	Differences
1	1	I
2	2	118THCONGRESS
3	3	1
4	4	STSESSION H. R. 419
5	5	To amend the Internal Revenue Code of 1986 to provide an investment
6	6	credit for the conversion of office buildings into other uses.
7	7	IN THE HOUSE OF REPRESENTATIVES
8	8	JANUARY20, 2023
9	9	Mr. G
10	10	OMEZ(for himself, Mr. LARSONof Connecticut, and Mr. KILDEE) intro-
11	11	duced the following bill; which was referred to the Committee on Ways
12	12	and Means
13	13	A BILL
14	14	To amend the Internal Revenue Code of 1986 to provide
15	15	an investment credit for the conversion of office buildings
16	16	into other uses.
17	17	Be it enacted by the Senate and House of Representa-1
18	18	tives of the United States of America in Congress assembled, 2
19	19	SECTION 1. SHORT TITLE. 3
20	20	This Act may be cited as the ‘‘Revitalizing Down-4
21	21	towns Act’’. 5
22	22	SEC. 2. CREDIT FOR QUALIFIED OFFICE CONVERSION. 6
23	23	(a) I
24	24	NGENERAL.—Section 46 of the Internal Rev-7
25	25	enue Code of 1986 is amended by redesignating paragraph 8
26	26	(7) as paragraph (8), by redesignating the paragraph (6) 9
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29	29	•HR 419 IH
30	30	relating to the advanced manufacturing investment credits 1
31	31	as paragraph (7), by striking ‘‘and’’ at the end of para-2
32	32	graph (7) (as so redesignated), by striking the period at 3
33	33	the end of paragraph (8) (as so redesginated) and insert-4
34	34	ing ‘‘, and’’, and by adding at the end the following new 5
35	35	paragraph: 6
36	36	‘‘(9) the qualified office conversion credit.’’. 7
37	37	(b) A
38	38	MOUNT OFCREDIT.—Subpart E of part IV of 8
39	39	subchapter A of chapter 1 of the Internal Revenue Code 9
40	40	of 1986 is amended by inserting after section 48E the fol-10
41	41	lowing new section: 11
42	42	‘‘SEC. 48F. QUALIFIED OFFICE CONVERSION CREDIT. 12
43	43	‘‘(a) I
44	44	NGENERAL.—For purposes of section 46, the 13
45	45	qualified office conversion credit for any taxable year is 14
46	46	equal to 20 percent of the qualified conversion expendi-15
47	47	tures with respect to a qualified converted building. 16
48	48	‘‘(b) W
49	49	HENEXPENDITURES TAKENINTOAC-17
50	50	COUNT.— 18
51	51	‘‘(1) I
52	52	N GENERAL.—Qualified conversion ex-19
53	53	penditures with respect to any qualified converted 20
54	54	building shall be taken into account for the taxable 21
55	55	year in which such qualified converted building is 22
56	56	placed in service. 23
57	57	‘‘(2) C
58	58	OORDINATION WITH SUBSECTION (d).— 24
59	59	The amount which would (but for this subpara-25
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62	62	•HR 419 IH
63	63	graph) be taken into account under subparagraph 1
64	64	(A) with respect to any qualified converted building 2
65	65	shall be reduced (but not below zero) by any amount 3
66	66	of qualified conversion expenditures taken into ac-4
67	67	count under subsection (d) by the taxpayer or a 5
68	68	predecessor of the taxpayer (or, in the case of a sale 6
69	69	and leaseback described in section 50(a)(2)(C), by 7
70	70	the lessee), to the extent any amount so taken into 8
71	71	account has not been required to be recaptured 9
72	72	under section 50(a). 10
73	73	‘‘(c) D
74	74	EFINITIONS.— 11
75	75	‘‘(1) Q
76	76	UALIFIED CONVERTED BUILDING .— 12
77	77	‘‘(A) I
78	78	N GENERAL.—The term ‘qualified 13
79	79	converted building’ means any building (and its 14
80	80	structural components) if— 15
81	81	‘‘(i) prior to conversion, such building 16
82	82	was nonresidential real property (as de-17
83	83	fined in section 168) which was leased, or 18
84	84	available for lease, to office tenants, 19
85	85	‘‘(ii) such building has been substan-20
86	86	tially converted from an office use to a res-21
87	87	idential, retail, or other commercial use, 22
88	88	‘‘(iii) in the case of conversion to a 23
89	89	residential use, such converted building 24
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92	92	•HR 419 IH
93	93	meets the requirements of subparagraph 1
94	94	(D), 2
95	95	‘‘(iv) such building was initially placed 3
96	96	in service at least 25 years before the be-4
97	97	ginning of the conversion, and 5
98	98	‘‘(v) depreciation (or amortization in 6
99	99	lieu of depreciation) is allowable with re-7
100	100	spect to such building. 8
101	101	‘‘(B) S
102	102	UBSTANTIALLY CONVERTED DE -9
103	103	FINED.— 10
104	104	‘‘(i) I
105	105	N GENERAL.—For purposes of 11
106	106	paragraph (1)(A)(ii), a building shall be 12
107	107	treated as having been substantially con-13
108	108	verted only if the qualified conversion ex-14
109	109	penditures during the 24-month period se-15
110	110	lected by the taxpayer (at the time and in 16
111	111	the manner prescribed by regulation) and 17
112	112	ending with or within the taxable year ex-18
113	113	ceed the greater of— 19
114	114	‘‘(I) the adjusted basis of such 20
115	115	building (and its structural compo-21
116	116	nents), or 22
117	117	‘‘(II) $15,000. 23
118	118	The adjusted basis of the building (and its 24
119	119	structural components) shall be determined 25
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122	122	•HR 419 IH
123	123	as of the beginning of the 1st day of such 1
124	124	24-month period, or of the holding period 2
125	125	of the building, whichever is later. For 3
126	126	purposes of the preceding sentence, the de-4
127	127	termination of the beginning of the holding 5
128	128	period shall be made without regard to any 6
129	129	reconstruction by the taxpayer in connec-7
130	130	tion with the conversion. 8
131	131	‘‘(ii) S
132	132	PECIAL RULE FOR PHASED 9
133	133	CONVERSION.—In the case of any conver-10
134	134	sion which may reasonably be expected to 11
135	135	be completed in phases set forth in archi-12
136	136	tectural plans and specifications completed 13
137	137	before the conversion begins, clause (i) 14
138	138	shall be applied by substituting ‘60-month 15
139	139	period’ for ‘24-month period’. 16
140	140	‘‘(iii) L
141	141	ESSEES.—The Secretary shall 17
142	142	prescribe by regulation rules for applying 18
143	143	this subparagraph to lessees. 19
144	144	‘‘(C) R
145	145	ECONSTRUCTION.—Conversion in-20
146	146	cludes reconstruction. 21
147	147	‘‘(D) R
148	148	ESIDENTIAL CONVERSION REQUIRE -22
149	149	MENTS.— 23
150	150	‘‘(i) I
151	151	N GENERAL.—A building meets 24
152	152	the requirements of this subparagraph if— 25
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155	155	•HR 419 IH
156	156	‘‘(I) 20 percent or more of the 1
157	157	residential units are both rent-re-2
158	158	stricted and occupied by individuals 3
159	159	whose income is 80 percent or less of 4
160	160	area median gross income, or 5
161	161	‘‘(II) such building is subject to a 6
162	162	written binding State or local agree-7
163	163	ment with respect to the provision or 8
164	164	financing of affordable housing and 9
165	165	such agreement is documented in such 10
166	166	form and manner as the Secretary 11
167	167	may provide. 12
168	168	‘‘(ii) R
169	169	ENT AND INCOME LIMITA -13
170	170	TION.—For purposes of this subparagraph, 14
171	171	rules similar to the rules of subsection (g) 15
172	172	of section 42 shall apply to determine 16
173	173	whether a unit is rent-restricted, treatment 17
174	174	of units occupied by individuals whose in-18
175	175	comes rise above the limit, and the treat-19
176	176	ment of units where Federal rental assist-20
177	177	ance is reduced as tenant’s income in-21
178	178	creases. 22
179	179	‘‘(2) Q
180	180	UALIFIED CONVERSION EXPENDITURES 23
181	181	DEFINED.— 24
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184	184	•HR 419 IH
185	185	‘‘(A) IN GENERAL.—For purposes of sub-1
186	186	section (a), the term ‘qualified conversion ex-2
187	187	penditures’ means any amount properly charge-3
188	188	able to capital account— 4
189	189	‘‘(i) for property for which deprecia-5
190	190	tion is allowable under section 168 and 6
191	191	which is— 7
192	192	‘‘(I) nonresidential real property 8
193	193	(as defined in section 168), 9
194	194	‘‘(II) residential rental property 10
195	195	(as defined in section 168), or 11
196	196	‘‘(III) an addition or improve-12
197	197	ment to property described in clause 13
198	198	(i) or (ii), and 14
199	199	‘‘(ii) in connection with the conversion 15
200	200	of a qualified converted building. 16
201	201	‘‘(B) C
202	202	ERTAIN EXPENDITURES NOT IN -17
203	203	CLUDED.—The term ‘qualified conversion ex-18
204	204	penditures’ does not include— 19
205	205	‘‘(i) S
206	206	TRAIGHT LINE DEPRECIATION 20
207	207	MUST BE USED.—Any expenditure with re-21
208	208	spect to which the taxpayer does not use 22
209	209	the straight line method over a recovery 23
210	210	period determined under subsection (c) or 24
211	211	(g) of section 168. The preceding sentence 25
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214	214	•HR 419 IH
215	215	shall not apply to any expenditure to the 1
216	216	extent the alternative depreciation system 2
217	217	of section 168(g) applies to such expendi-3
218	218	ture by reason of subparagraph (B) or (C) 4
219	219	of section 168(g)(1). 5
220	220	‘‘(ii) C
221	221	OST OF ACQUISITION .—The 6
222	222	cost of acquiring any building or interest 7
223	223	therein. 8
224	224	‘‘(iii) E
225	225	NLARGEMENTS.—Any expendi-9
226	226	ture attributable to the enlargement of an 10
227	227	existing building. 11
228	228	‘‘(iv) T
229	229	AX-EXEMPT USE PROPERTY .— 12
230	230	Any expenditure in connection with the 13
231	231	conversion of a building which is allocable 14
232	232	to the portion of such property which is (or 15
233	233	may reasonably be expected to be) tax-ex-16
234	234	empt use property (within the meaning of 17
235	235	section 168(h)), except that— 18
236	236	‘‘(I) ‘50 percent’ shall be sub-19
237	237	stituted for ‘35 percent’ in paragraph 20
238	238	(1)(B)(iii) thereof, and 21
239	239	‘‘(II) an eligible educational insti-22
240	240	tution (as defined in section 23
241	241	529(e)(5)) shall not be treated as a 24
242	242	tax-exempt entity. 25
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245	245	•HR 419 IH
246	246	This clause shall not apply for purposes of 1
247	247	determining whether a building has been 2
248	248	substantially converted. 3
249	249	‘‘(v) E
250	250	XPENDITURES OF LESSEE .— 4
251	251	Any expenditure of a lessee of a building 5
252	252	if, on the date the conversion is completed, 6
253	253	the remaining term of the lease (deter-7
254	254	mined without regard to any renewal peri-8
255	255	ods) is less than the recovery period deter-9
256	256	mined under section 168(c). 10
257	257	‘‘(d) P
258	258	ROGRESSEXPENDITURES.— 11
259	259	‘‘(1) I
260	260	N GENERAL.—In the case of any building 12
261	261	to which this subsection applies, except as provided 13
262	262	in paragraph (3)— 14
263	263	‘‘(A) if such building is self-converted 15
264	264	property, any qualified conversion expenditure 16
265	265	with respect to such building shall be taken into 17
266	266	account for the taxable year for which such ex-18
267	267	penditure is properly chargeable to capital ac-19
268	268	count with respect to such building, and 20
269	269	‘‘(B) if such building is not self-converted 21
270	270	property, any qualified conversion expenditure 22
271	271	with respect to such building shall be taken into 23
272	272	account for the taxable year in which paid. 24
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275	275	•HR 419 IH
276	276	‘‘(2) PROPERTY TO WHICH SUBSECTION AP -1
277	277	PLIES.— 2
278	278	‘‘(A) I
279	279	N GENERAL.—This subsection shall 3
280	280	apply to any building which is being converted 4
281	281	by or for the taxpayer if— 5
282	282	‘‘(i) the normal conversion period for 6
283	283	such building is 2 years or more, and 7
284	284	‘‘(ii) it is reasonable to expect that 8
285	285	such building will be a qualified converted 9
286	286	building in the hands of the taxpayer when 10
287	287	it is placed in service. 11
288	288	Clauses (i) and (ii) shall be applied on the basis 12
289	289	of facts known as of the close of the taxable 13
290	290	year of the taxpayer in which the conversion be-14
291	291	gins (or, if later, at the close of the first taxable 15
292	292	year to which an election under this subsection 16
293	293	applies). 17
294	294	‘‘(B) N
295	295	ORMAL CONVERSION PERIOD .—For 18
296	296	purposes of subparagraph (A), the term ‘normal 19
297	297	conversion period’ means the period reasonably 20
298	298	expected to be required for the conversion of 21
299	299	the building— 22
300	300	‘‘(i) beginning with the date on which 23
301	301	physical work on the conversion begins (or, 24
302	302	if later, the first day of the first taxable 25
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305	305	•HR 419 IH
306	306	year to which an election under this sub-1
307	307	section applies), and 2
308	308	‘‘(ii) ending on the date on which it is 3
309	309	expected that the property will be available 4
310	310	for placing in service. 5
311	311	‘‘(3) S
312	312	PECIAL RULES FOR APPLYING PARA -6
313	313	GRAPH (1).—For purposes of paragraph (1)— 7
314	314	‘‘(A) C
315	315	OMPONENT PARTS , ETC.—Property 8
316	316	which is to be a component part of, or is other-9
317	317	wise to be included in, any building to which 10
318	318	this subsection applies shall be taken into ac-11
319	319	count— 12
320	320	‘‘(i) at a time not earlier than the 13
321	321	time at which it becomes irrevocably de-14
322	322	voted to use in the building, and 15
323	323	‘‘(ii) as if (at the time referred to in 16
324	324	clause (i)) the taxpayer had expended an 17
325	325	amount equal to that portion of the cost to 18
326	326	the taxpayer of such component or other 19
327	327	property which, for purposes of this sub-20
328	328	part, is properly chargeable (during such 21
329	329	taxable year) to capital account with re-22
330	330	spect to such building. 23
331	331	‘‘(B) C
332	332	ERTAIN BORROWING DIS -24
333	333	REGARDED.—Any amount borrowed directly or 25
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336	336	•HR 419 IH
337	337	indirectly by the taxpayer from the person con-1
338	338	verting the property for him shall not be treat-2
339	339	ed as an amount expended for such conversion. 3
340	340	‘‘(C) L
341	341	IMITATION FOR BUILDINGS WHICH 4
342	342	ARE NOT SELF-CONVERTED.— 5
343	343	‘‘(i) I
344	344	N GENERAL.—In the case of a 6
345	345	building which is not self-converted, the 7
346	346	amount taken into account under para-8
347	347	graph (1)(B) for any taxable year shall not 9
348	348	exceed the amount which represents the 10
349	349	portion of the overall cost to the taxpayer 11
350	350	of the conversion which is properly attrib-12
351	351	utable to the portion of the conversion 13
352	352	which is completed during such taxable 14
353	353	year. 15
354	354	‘‘(ii) C
355	355	ARRYOVER OF CERTAIN 16
356	356	AMOUNTS.—In the case of a building which 17
357	357	is not a self-converted building, if for the 18
358	358	taxable year— 19
359	359	‘‘(I) the amount which (but for 20
360	360	clause (i)) would have been taken into 21
361	361	account under paragraph (1)(B) ex-22
362	362	ceeds the limitation of clause (i), then 23
363	363	the amount of such excess shall be 24
364	364	taken into account under paragraph 25
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367	367	•HR 419 IH
368	368	(1)(B) for the succeeding taxable 1
369	369	year, or 2
370	370	‘‘(II) the limitation of clause (i) 3
371	371	exceeds the amount taken into ac-4
372	372	count under paragraph (1)(B), then 5
373	373	the amount of such excess shall in-6
374	374	crease the limitation of clause (i) for 7
375	375	the succeeding taxable year. 8
376	376	‘‘(D) D
377	377	ETERMINATION OF PERCENTAGE OF 9
378	378	COMPLETION.—The determination under sub-10
379	379	paragraph (C)(i) of the portion of the overall 11
380	380	cost to the taxpayer of the conversion which is 12
381	381	properly attributable to conversion completed 13
382	382	during any taxable year shall be made, under 14
383	383	regulations prescribed by the Secretary, on the 15
384	384	basis of engineering or architectural estimates 16
385	385	or on the basis of cost accounting records. Un-17
386	386	less the taxpayer establishes otherwise by clear 18
387	387	and convincing evidence, the conversion shall be 19
388	388	deemed to be completed not more rapidly than 20
389	389	ratably over the normal conversion period. 21
390	390	‘‘(E) N
391	391	O PROGRESS EXPENDITURES FOR 22
392	392	CERTAIN PRIOR PERIODS.—No qualified conver-23
393	393	sion expenditures shall be taken into account 24
394	394	under this subsection for any period before the 25
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397	397	•HR 419 IH
398	398	first day of the first taxable year to which an 1
399	399	election under this subsection applies. 2
400	400	‘‘(F) N
401	401	O PROGRESS EXPENDITURES FOR 3
402	402	PROPERTY FOR YEAR IT IS PLACED IN SERVICE , 4
403	403	ETC.—In the case of any building, no qualified 5
404	404	conversion expenditures shall be taken into ac-6
405	405	count under this subsection for the earlier of— 7
406	406	‘‘(i) the taxable year in which the 8
407	407	building is placed in service, or 9
408	408	‘‘(ii) the first taxable year for which 10
409	409	recapture is required under section 11
410	410	50(a)(2) with respect to such property, 12
411	411	or for any taxable year thereafter. 13
412	412	‘‘(4) S
413	413	ELF-CONVERTED BUILDING .—For pur-14
414	414	poses of this subsection, the term ‘self-converted 15
415	415	building’ means any building if it is reasonable to 16
416	416	believe that more than half of the qualified conver-17
417	417	sion expenditures for such building will be made di-18
418	418	rectly by the taxpayer. 19
419	419	‘‘(5) E
420	420	LECTION.—This subsection shall apply to 20
421	421	any taxpayer only if such taxpayer has made an 21
422	422	election under this paragraph. Such an election shall 22
423	423	apply to the taxable year for which made and all 23
424	424	subsequent taxable years. Such an election, once 24
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427	427	•HR 419 IH
428	428	made, may be revoked only with the consent of the 1
429	429	Secretary. 2
430	430	‘‘(e) D
431	431	ENIAL OFDOUBLEBENEFIT.—A credit shall 3
432	432	not be allowed under this section for any qualified conver-4
433	433	sion expenditure for which a credit is allowed under sec-5
434	434	tion 42 or 47.’’. 6
435	435	(c) C
436	436	ONFORMINGAMENDMENTS.— 7
437	437	(1) Section 49(a)(1)(C) of the Internal Revenue 8
438	438	Code of 1986 is amended by striking ‘‘and’’ at the 9
439	439	end of clause (vii), by striking the period at the end 10
440	440	of clause (viii) and inserting ‘‘, and’’, and by adding 11
441	441	after clause (viii) the following new clause: 12
442	442	‘‘(ix) the portion of the basis of any 13
443	443	qualified converted property attributable to 14
444	444	qualified conversion expenditures under 15
445	445	section 48F.’’. 16
446	446	(2) Section 50(a)(2)(E) of such Code is amend-17
447	447	ed by striking ‘‘or 48E(e)’’ and inserting ‘‘48E(e), 18
448	448	or 48F(d)’’. 19
449	449	(3) Section 50(b)(2) of such Code is amended 20
450	450	by striking ‘‘and’’ at the end of subparagraph (C), 21
451	451	by striking the period at the end of subparagraph 22
452	452	(D) and inserting ‘‘; and’’, and by adding after sub-23
453	453	paragraph (D) the following new subparagraph: 24
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456	456	•HR 419 IH
457	457	‘‘(E) a qualified converted building to the 1
458	458	extent of that portion of the basis which is at-2
459	459	tributable to qualified conversion expendi-3
460	460	tures.’’. 4
461	461	(4) Section 50(b)(3) is amended by inserting ‘‘, 5
462	462	or, solely with respect to the qualified office conver-6
463	463	sion credit, an eligible educational institution (as de-7
464	464	fined in section 529(e)(5))’’ after ‘‘section 521’’. 8
465	465	(5) The table of sections for subpart E of part 9
466	466	IV of subchapter A of chapter 1 of such Code is 10
467	467	amended by inserting after the item relating to sec-11
468	468	tion 48E the following new item: 12
469	469	‘‘Sec. 48F. Qualified office conversion credit.’’.
470	470	(d) EFFECTIVEDATE.—The amendments made by 13
471	471	this section shall apply to qualified conversion expendi-14
472	472	tures incurred after the date of enactment in taxable years 15
473	473	ending after such date. 16
474	474	Æ
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