Bill > S2615

Introduced Session

A bill to amend the Internal Revenue Code of 1986 to improve the historic rehabilitation tax credit, 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 small 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 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

Bill Cassidy (R)*,  Roy Blunt (R),  Sherrod Brown (D),  Maria Cantwell (D),  Ben Cardin (D),  Susan Collins (R),  Tammy Duckworth (D),  Cindy Hyde-Smith (R),  Jerry Moran (R),  Jack Reed (D),  Mark Warner (D),  Sheldon Whitehouse (D),  Roger Wicker (R), 

Read twice and referred to the Committee on Finance. (on 10/16/2019)

Official Document