Referred to the Committee on Ways and Means, and in addition to the Committee on Financial Services, for a period to be subsequently determined by the Speaker, in each case for co…
Creates a new federal tax credit (Section 48F) equal to 15% of qualified conversion expenditures for converting older nonresidential office buildings to residential or residential-retail mixed use. Caps the credit at $200,000 per new residential unit and $10,000,000 per converted building, with bonus increases for rent-restricted affordable units and for projects that pay prevailing wages.
Progressives emphasize affordable-unit and prevailing-wage bonuses.
Relative to its intended legislative type, this bill functions as a well-specified substantive change to the Internal Revenue Code establishing a commercial-to-residential conversion tax credit and a HUD advisory board.
Creates a new federal tax credit (Section 48F) equal to 15% of qualified conversion expenditures for converting older nonresidential office buildings to residential or residential-retail mixed use.
Caps the credit at $200,000 per new residential unit and $10,000,000 per converted building, with bonus increases for rent-restricted affordable units and for projects that pay prevailing wages.
Adds rules defining eligible buildings and expenditures, anti-double-dipping limits, election and progress payment rules, and effective date for post-enactment expenditures.
Reasonable policy fit and targeted incentives aid prospects, but fiscal cost, technical complexity, and labor clauses lower enactment odds without compromise.
Relative to its intended legislative type, this bill functions as a well-specified substantive change to the Internal Revenue Code establishing a commercial-to-residential conversion tax credit and a HUD advisory board. It is strong on definitional precision, statutory cross-references, and transaction-level rules (timing, phases, exclusions, bonus triggers).
Progressives emphasize affordable-unit and prevailing-wage bonuses.
These are examples from the analysis, not a ranked list of the most-affected groups.
Progressives emphasize affordable-unit and prevailing-wage bonuses.
Generally supportive because the bill incentivizes housing supply and includes affordable-housing and prevailing-wage bonuses.
Will view the measure as a practical tool to convert underused offices into rent-restricted units while encouraging union-level pay.
Concern remains about whether benefits reach low-income renters and about project oversight.
Cautiously favorable as a market-oriented, targeted incentive to add housing supply and reuse underutilized commercial buildings.
Sees reasonable guardrails (per-unit and per-building caps, anti-double-dipping) but wants clarity on fiscal cost, program targeting, and regulatory implementation.
Skeptical due to adding a new taxpayer subsidy and expanding federal intervention in housing markets.
May accept adaptive reuse of offices in principle, but opposes broad tax credits, federal spending, and implicit pressure on local zoning.
Reached or meaningfully advanced
Reached or meaningfully advanced
Still ahead
Still ahead
Still ahead
Reasonable policy fit and targeted incentives aid prospects, but fiscal cost, technical complexity, and labor clauses lower enactment odds without compromise.
The bill has not accumulated any surfaced votes yet.
Progressives emphasize affordable-unit and prevailing-wage bonuses.
Reasonable policy fit and targeted incentives aid prospects, but fiscal cost, technical complexity, and labor clauses lower enactment odds…
Relative to its intended legislative type, this bill functions as a well-specified substantive change to the Internal Revenue Code establishing a commercial-to-residential conversion tax credit and a HUD advisory board.…
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