H.R.1147 - Community Recovery and Enhancement Act of 2011

To amend the Internal Revenue Code of 1986 to allow a deduction for certain payments made to reduce debt on commercial real property. view all titles (3)

All Bill Titles

  • Official: To amend the Internal Revenue Code of 1986 to allow a deduction for certain payments made to reduce debt on commercial real property. as introduced.
  • Short: Community Recovery and Enhancement Act of 2011 as introduced.
  • Short: CRE Act of 2011 as introduced.

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Introduced
 
House
Passes
 
Senate
Passes
 
President
Signs
 

 
03/17/11
 
 
 
 
 
 
 

Sponsor

Representative

Devin Nunes

R-CA

View Co-Sponsors (4)

Official Summary

Community Recovery and Enhancement Act of 2011 or the CRE Act of 2011 - Amends the Internal Revenue Code to allow a tax deduction for payments made to reduce debt on eligible commercial property. Limits the amount of such deduction to the lesser of: (1) 50% of the excess of the amount of qu

Official Summary

Community Recovery and Enhancement Act of 2011 or the CRE Act of 2011 - Amends the Internal Revenue Code to allow a tax deduction for payments made to reduce debt on eligible commercial property. Limits the amount of such deduction to the lesser of:
(1) 50% of the excess of the amount of qualified debt secured by such property,
(2) 50% of the fair market value of such property,
(3) $10 million, or
(4) the adjusted basis of such property at the close of the taxable year. Defines \"eligible commercial property\" as any commercial real property if:
(1) the amount of the qualified indebtedness secured by such property is at least 85% of the fair market value of the property, or
(2) such property is, or is reasonably expected to be, treated as being in an in-substance foreclosure by the Comptroller of the Currency. Denies a tax deduction for debt reduction payments that are debt-financed. Requires a recapture in income of tax deduction amounts allowed by this Act if additional indebtedness is incurred within three years after a qualified debt reduction payment is made.

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