US Congress Senate Bill 1581 (Prior Session Legislation)

---

Spectrum: Partisan Bill (Democrat 1-0)
Status: Introduced on July 19 2017 - 25% progression, died in committee
Action: 2017-07-19 - Read twice and referred to the Committee on Finance.
Pending: Senate Finance Committee
Text: Latest bill text (Introduced) [PDF]

Manufactured Housing Community Sustainability Act of 2017 This bill amends the Internal Revenue Code to allow a business-related tax credit equal to 75% of the gain from the sale or exchange of real property to a qualified manufactured home community cooperative or corporation if: (1) the property is acquired for use as a manufactured home community, (2) the seller (or any related person) owned the property for the entire two-year period before the sale or exchange, and (3) the property is transferred subject to a binding covenant that the property will be used as a manufactured home community for at least 50 years. A "qualified manufactured home community cooperative or corporation" is a cooperative or a nonprofit corporation established pursuant to the laws of the state in which the property is located. The bill specifies membership and governance requirements for the communities owned by the cooperative or nonprofit corporation. The bill also imposes a tax on buyers who violate the covenant to use the property for manufactured housing for at least 50 years.

Manufactured Housing Community Sustainability Act of 2017

Sen. Jeanne Shaheen [D-NH]

Date	Chamber	Action
2017-07-19	Senate	Read twice and referred to the Committee on Finance.

HB3296 (Related) 2017-07-19 - Referred to the House Committee on Ways and Means.

Type	Source
Summary	https://www.congress.gov/bill/115th-congress/senate-bill/1581/all-info
Text	https://www.congress.gov/115/bills/s1581/BILLS-115s1581is.pdf