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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Introduced
 
Senate
Passes
 
House
Passes
 
President
Signs
 

 
10/30/07
 
 
 
 
 
 
 

Sponsor

Senator

Charles Schumer

D-NY

No Co-Sponsors

Official Summary

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 to

Official Summary

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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