Official Summary

2/14/2007--Introduced.Community Restoration and Revitalization Act of 2007 - Amends the Internal Revenue Code to: (1) allow an increased rehabilitation tax credit for certain low-income buildings; (2) allow a basis reduction adjustment for property eligible for the credit; (3) increase the

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Official Summary

2/14/2007--Introduced.
Community Restoration and Revitalization Act of 2007 - Amends the Internal Revenue Code to:
(1) allow an increased rehabilitation tax credit for certain low-income buildings;
(2) allow a basis reduction adjustment for property eligible for the credit;
(3) increase the credit for certain smaller buildings;
(4) allow property eligible for the credit to be used for lodging purposes;
(5) modify placed-in-service rules for credit property;
(6) modify qualification rules for credit property that is tax-exempt use property;
(7) increase the credit for buildings in high cost areas; and
(8) exempt certain condominium transactions from rehabilitation tax credit recapture requirements.


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