H.R. 1147: CRE Act of 2011
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H.R. 1147: CRE Act of 2011
112th Congress · introduced 2011-03-17 · Taxation · Latest: Referred to the House Committee on Ways and Means.
federal
Follow this bill, step by step
- Where it came from: introduced 2011-03-17 · official record
- Who proposed it: Rep. Nunes, Devin [R-CA-21] · what a sponsor is
- What happened next: no floor votes in our records yet. Why?
- Where it stands now: Referred to the House Committee on Ways and Means. Not final yet: this can still change. We check for updates every day.
- If it becomes law and spends money: follow the money to money laws, then agencies and contracts and grants.
Official title
CRE Act of 2011
Plain summary
Community Recovery and Enhancement Act of 2011 or the CRE Act of 2011 - Amends the Internal Revenue Code to allow a tax deduction for payments made to reduce debt on eligible commercial property. Limits the amount of such deduction to the lesser of: (1) 50% of the excess of the amount of qualified debt secured by such property, (2) 50% of the fair market value of such property, (3) $10 million, or (4) the adjusted basis of such property at the close of the taxable year. Defines "eligible commercial property" as any commercial real property if: (1) the amount of the qualified indebtedness secured by such property is at least 85% of the fair market value of the property, or (2) such property is, or is reasonably expected to be, treated as being in an in-substance foreclosure by the Comptroller of the Currency. Denies a tax deduction for debt reduction payments that are debt-financed. Requires a recapture in income of tax deduction amounts allowed by this Act if additional indebtedness is incurred within three years after a qualified debt reduction payment is made.
Congressional Research Service summary (Introduced in House), quoted unchanged (nonpartisan). Read the source.
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If it passes both chambers and is signed, it becomes law.
A “Nay” vote
If it is not passed, current law stays as it is.
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How did my representative vote? · This bill's floor votes
Officials and money
Sponsor: Rep. Nunes, Devin [R-CA-21] · 4 cosponsors
Cost estimate: No cost estimate published yet.
Cosponsors on this site
Brett Guthrie (R-KY)
No linked floor roll calls in our collected records yet. This does not mean the bill has never had a vote. Check the official bill history.
Sources
- Congressional Research Service summary (Introduced in House)
- Congress.gov
- Data: GovInfo BILLSTATUS bulk data (Library of Congress), BILLSTATUS-112hr1147.xml <https://www.govinfo.gov/bulkdata/BILLSTATUS/112/hr>
Record fed-us-cong112-hr1147 · catalog fed-us-congress-bills-cong112 · updated 2026-11-15 by psicol fed-bills-cong112