United States 112th Congress Status: Died 1 R cosponsors

HR 1147 — Community Recovery and Enhancement Act of 2011

Last action — Referred to the House Committee on Ways and Means.

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  1. ✓
    Introduced
  2. ✓
    In Committee
  3. Died in session

This bill died with 112th Congress. It reached “In Committee” and never advanced before the session ended, so it can no longer move — a new version would have to be reintroduced in the current session.

This bill is no longer active — its legislative session has ended, so there is no live prognosis. It would have to be reintroduced in the current session to move again.

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.

Bill Text

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Read HR 1147 on the official United States source →

Action History

  1. Referred to the House Committee on Ways and Means.

Sponsors

Sponsorship breakdown

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1 sponsors · 0 co-sponsors · 546 not signed on

Sponsors (1)

Co-sponsors (0)

None.

Not signed on (546)

546 members have not signed on to this bill.

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"Not signed on" means a member has not sponsored or co-sponsored this bill — it does not imply opposition. Members flagged Voted No have a recorded No vote on this bill.

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Subjects

taxation housing
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Frequently asked questions

What does HR 1147 do?
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.
Who sponsors HR 1147?
HR 1147 is sponsored by Devin Nunes (R).
What is the current status of HR 1147?
This bill died with 112th Congress. It reached “In Committee” and never advanced before the session ended, so it can no longer move — a new version would have to be reintroduced in the current session.
Where can I track HR 1147?
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