In the annals of wishful thoughts of what could have been, the National Multifamily Housing Council brought up a bill filed in the House and Senate last year, which is likely out of time.
Known as S.2511 in the Senate and H.4759 in the House, the Revitalizing Downtowns Act was introduced by Sen. Debbie Stabenow (D-MI) and Rep. Jimmy Gomez (D-CA) at the end of July 2021.
The act, had it passed, would have provided a tax credit to convert older office buildings into new uses. Developers would have been able to deduct 20% of qualified conversions expenditures for qualified office conversions.
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