Bill > HR2825

Introduced Session

To amend the Internal Revenue Code of 1986 to modify the rehabilitation credit for certain small projects, to eliminate the requirement that the taxpayer's basis in a building be reduced by the amount of the rehabilitation credit determined with respect to such building, and for other purposes. This bill increases the rehabilitation tax credit and modifies certain requirements for the credit. The bill increases the rate of the credit to 30% for smaller projects (rehabilitation expenditures not exceeding $3.75 million) and caps the credit for such projects at $750,000 for all taxable years. The bill also allows taxpayers to transfer all or a portion of the credits that are allowable for smaller projects. The bill expands the types of buildings eligible for rehabilitation by decreasing the rehabilitation threshold from 100% to 50% of project expenses. It also eliminates the basis adjustment requirement for the credit and modifies rules relating to the eligibility of tax-exempt use property for the credit.

AI Summary

Committee Categories

Earl Blumenauer (D)*,  Ralph Abraham (R),  Pete Aguilar (D),  Don Bacon (R),  Joyce Beatty (D),  Anthony Brindisi (D),  Bradley Byrne (R),  Buddy Carter (R),  Steve Chabot (R),  David Cicilline (D),  Steve Cohen (D),  Chris Collins (R),  Peter DeFazio (D),  Suzan DelBene (D),  Antonio Delgado (D),  Dwight Evans (D),  Drew Ferguson (R),  Abby Finkenauer (D),  Brian Fitzpatrick (R),  Jeff Fortenberry (R),  Marcia Fudge (D),  Bob Gibbs (R),  Anthony Gonzalez (R),  Garret Graves (R),  Alcee Hastings (D),  Brian Higgins (D),  Clay Higgins (R),  French Hill (R),  Richard Hudson (R),  Dave Joyce (R),  Marcy Kaptur (D),  John Katko (R),  Mike Kelly (R),  Dan Kildee (D),  Derek Kilmer (D),  Darin LaHood (R),  James Langevin (D),  David Loebsack (D),  Zoe Lofgren (D),  Alan Lowenthal (D),  Betty McCollum (D),  Jim McGovern (D),  David McKinley (R),  Cathy McMorris Rodgers (R),  Joe Morelle (D),  Eleanor Holmes Norton (D),  Bill Pascrell (D),  Ed Perlmutter (D),  Mark Pocan (D),  Mike Quigley (D),  Jamie Raskin (D),  Denver Riggleman (R),  Tim Ryan (D),  Kim Schrier (D),  Terri Sewell (D),  Jason Smith (R),  Lloyd Smucker (R),  Elise Stefanik (R),  Steve Stivers (R),  Bennie Thompson (D),  G.T. Thompson (R),  Paul Tonko (D),  Mike Turner (R),  Jackie Walorski (R),  Brad Wenstrup (R),  Bruce Westerman (R),  Susan Wild (D), 

Referred to the House Committee on Ways and Means. (on 05/17/2019)

Official Document