US Congress House Bill 1147 (Prior Session Legislation)

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March 17 2011 - Referred to the House Committee on Ways and Means.
Pending: House Ways And Means Committee
Text: Latest bill text (Introduced) [PDF]

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.

Community Recovery and Enhancement Act of 2011

Rep Nunes, Devin	Rep Berkley, Shelley	Rep Crowley, Joseph	Rep Guthrie, Brett
Rep Marchant, Kenny

Date	Chamber	Action
2011-03-17	House	Referred to the House Committee on Ways and Means.

Type	Source
Summary	http://thomas.loc.gov/cgi-bin/bdquery/z?d112:HN01147:@@@L&summ2=m&
Text	http://gpo.gov/fdsys/pkg/BILLS-112hr1147ih/pdf/BILLS-112hr1147ih.pdf