WeVote
Log In

Bill

Bill

S 631

Rural Historic Tax Credit Improvement Act

119th Congress Introduced by Shelley Moore Capito and 1 co-sponsor

Bill S 631 allows retroactive reclassification of rent-controlled apartments for households facing income loss, providing crucial financial relief to affected families.

Introduced in Senate
0
WeVote Research Nonpartisan
Bill Summary · S 631

Summary of Bill S 631

Bill Overview

  • Bill Number: S 631
  • Title: Makes reclassification of rent controlled dwelling retroactive to time of decrease in income of members of household of dwelling
  • Status: Referred to Aging
  • Introduced: January 08, 2025

Purpose and Intent

The primary purpose of Bill S 631 is to provide financial relief to households living in rent-controlled dwellings that have experienced a decrease in income. This bill aims to allow for the retroactive reclassification of rent control status based on the timing of income reductions within the household.

Key Provisions

  • Retroactive Reclassification: The bill proposes that if a member of a household experiences a decrease in income, the rent control status of their dwelling can be reclassified retroactively to the date of that income decrease.
  • Eligibility Criteria: The specifics regarding eligibility criteria for households and the definition of "decrease in income" will be outlined in subsequent regulations or amendments.
  • Implementation Timeline: The bill does not specify an implementation timeline, but it is expected that the reclassification process would be initiated promptly following the bill's passage.

Affected Parties

  • Households in Rent-Controlled Dwellings: The primary beneficiaries of this bill would be families and individuals living in rent-controlled apartments who have faced financial hardship due to a decrease in income.
  • Landlords: The bill may also impact landlords of rent-controlled properties, as changes in rent classification could affect their rental income and management of properties.

Legislative Process

  • Current Status: As of January 8, 2025, the bill has been referred to the Aging Committee for further consideration.
  • Related Bills: This bill is part of a broader legislative context, with several related bills from prior sessions, including:
    • S 3196
    • S 637
    • S 1224
    • S 1742
    • S 2659
    • S 5225
    • S 2945
    • S 6650
    • S 1814
    • A 5235 (companion bill)

Conclusion

Bill S 631 seeks to address the financial challenges faced by households in rent-controlled dwellings due to income loss. By allowing for retroactive reclassification of rent control status, the bill aims to provide necessary relief to those affected. The bill is currently under review by the Aging Committee, and further developments will clarify its provisions and potential impacts.

Compiled from official sources — confirm details with the bill’s official record.

Sign in to ask a question.