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Frank Adelmann Manufactured Housing Community Sustainability Act

USA117th CongressHR-7220| House 
| Updated: 3/24/2022
Ilhan Omar

Ilhan Omar

Democratic Representative

Minnesota

Cosponsors (3)
Barbara Lee (Democratic)Mark Pocan (Democratic)Suzanne Bonamici (Democratic)

Ways and Means Committee

  • Introduced
  • In Committee
  • On Floor
  • Passed Chamber
  • Enacted
Frank Adelmann Manufactured Housing Community Sustainability Act This bill allows 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 at least two years 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 or the maximum term permitted under state law. 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 or the maximum term permitted under state law.
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Timeline

Bill from Previous Congress

HR 116-2832
Frank Adelmann Manufactured Housing Community Sustainability Act
Mar 24, 2022
Introduced in House
Mar 24, 2022
Referred to the House Committee on Ways and Means.
  • Bill from Previous Congress

    HR 116-2832
    Frank Adelmann Manufactured Housing Community Sustainability Act


  • March 24, 2022
    Introduced in House


  • March 24, 2022
    Referred to the House Committee on Ways and Means.

Taxation

Frank Adelmann Manufactured Housing Community Sustainability Act

USA117th CongressHR-7220| House 
| Updated: 3/24/2022
Frank Adelmann Manufactured Housing Community Sustainability Act This bill allows 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 at least two years 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 or the maximum term permitted under state law. 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 or the maximum term permitted under state law.
View Full Text

Suggested Questions

Get AI-generated questions to help you understand this bill better

Timeline

Bill from Previous Congress

HR 116-2832
Frank Adelmann Manufactured Housing Community Sustainability Act
Mar 24, 2022
Introduced in House
Mar 24, 2022
Referred to the House Committee on Ways and Means.
  • Bill from Previous Congress

    HR 116-2832
    Frank Adelmann Manufactured Housing Community Sustainability Act


  • March 24, 2022
    Introduced in House


  • March 24, 2022
    Referred to the House Committee on Ways and Means.
Ilhan Omar

Ilhan Omar

Democratic Representative

Minnesota

Cosponsors (3)
Barbara Lee (Democratic)Mark Pocan (Democratic)Suzanne Bonamici (Democratic)

Ways and Means Committee

Taxation

  • Introduced
  • In Committee
  • On Floor
  • Passed Chamber
  • Enacted