H.R. 1784 would amend the Internal Revenue Code of 1986 to encourage the purchase of residential property by providing an exclusion from tax on certain gains.
Detailed Summary
Investment Property Opportunity Act of 2009 - Amends the Internal Revenue Code to exclude from gross income gain from the sale of residential real property that is: (1) located in a distressed housing area (i.e., a county with high foreclosure rates and declining housing fair market values); (2) acquired within 18 months after enactment of this Act; and (3) held for more than three years.
Status of the Legislation
Latest Major Action: 3/30/2009: Referred to House committee. Status: Referred to the House Committee on Ways and Means.
Points in Favor
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Points Against
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