U.S. Congress - S.2266 Cooperative Tax Deduction Preservation Act of 2007
S.2266 - Cooperative Tax Deduction Preservation Act of 2007
A bill to amend the Internal Revenue Code to provide for an alternative test for qualifying as a cooperative housing corporation. view all titles (2)
All Bill Titles
- Official: A bill to amend the Internal Revenue Code to provide for an alternative test for qualifying as a cooperative housing corporation. as introduced.
- Short: Cooperative Tax Deduction Preservation Act of 2007 as introduced.
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Official Summary
10/30/2007--Introduced.Cooperative Tax Deduction Preservation Act of 2007 - Amends the Internal Revenue Code to set forth alternative tests for qualifying as a cooperative housing corporation for purposes of the tax deduction for payments to such corporations. Qualifies a corporation if: (Official Summary
10/30/2007--Introduced.Cooperative Tax Deduction Preservation Act of 2007 - Amends the Internal Revenue Code to set forth alternative tests for qualifying as a cooperative housing corporation for purposes of the tax deduction for payments to such corporations. Qualifies a corporation if:
(1) 80% or more of the total square footage of the corporation's property is used or available for use by its tenant-stockholders for residential purposes, or
(2) 90% of the corporation's expenditures are for the acquisition, construction, management, maintenance, or care of its property for the benefit of the tenant-stockholders.
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