Sign Up For Novogradac Industry Alert Emails

Finance Committee Approves JOBS Act of 2003

Thursday, October 2, 2003 - 1:45AM

The Senate Finance Committee yesterday approved S. 1637, the Jumpstart Our Business Strength (JOBS) Act of 2003, a bill that would, among other things, repeal the 10 percent tax credit under Internal Revenue Code §47 for  rehabilitation expenditures with respect to buildings first placed in service before 1936, effective for expenditures incurred in taxable years beginning after December 31, 2003. S. 1637 would retain the existing 20 percent tax credit. The measure would also provide for mandatory basis adjustments under IRC §734; it also contains provisions regarding tax shelters.  Click here for more information.

Learn more about Novogradac's expertise and many services