H.R. 2851 would amend the Internal Revenue Code of 1986 to exclude certain gains on single-family residential rental property from gross income.
Detailed Summary
Neighborhood Investment Act of 2009 - Amends the Internal Revenue Code to exclude from gross income gain from the sale of single-family residential rental property held by a taxpayer for two years or more and rented as a single dwelling unit on a regular basis during the five-year period prior to its sale. Limits the amount of such exclusion to $250,000.
Status of the Legislation
Latest Major Action: 6/12/2009: 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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