PlainBillCongress, translated.Legislation. Context. Public interest.Referred to the House Committee on Ways and Means.
Congressional Research Service
Version 00 · Introduced in House · Apr 7, 1995
Low Income Community Development Tax Credit Act of 1995 - Amends the Internal Revenue Code to allow, as part of the general business credit, a tax credit (equal to a percentage of its basis) for placing a nonresidential building in service in a distressed area, with a greater credit allowed for a new building than an existing building. Provides for calculation of the basis of such buildings according to the rules governing the low-income housing credit. Defines a distressed area as one in which at least 70 percent of the households have an income that is no more than 80 percent of the area median gross income. Increases the credit with respect to buildings in areas in which income is lower. Treats rehabilitation expenditures, provided they are above a certain threshold, as a separate new building. Imposes an annual State distressed area building credit ceiling.
People & committees
Rep. Waters, Maxine [D-CA-35] · D–CA
Legislative record
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Referred to the House Committee on Ways and Means.
Introduced in House
Introduced in House
Primary sources
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Source last updated: Aug 21, 2025. Consult Congress.gov for the current record.
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