Bill > S2266

This bill, the Historic Tax Credit Growth and Opportunity Act of 2021, aims to improve the historic rehabilitation tax credit. Specifically, it includes the following key provisions: 1. Increases the rehabilitation credit from 20% to 30% for "small projects" that have qualified rehabilitation expenditures of $3.75 million or less and did not receive the credit in the previous two years, with a maximum credit of $750,000 per project. 2. Expands the type of buildings eligible for the rehabilitation credit by reducing the requirement that the adjusted basis of the building be at least 50% of the value of the building before rehabilitation. 3. Eliminates the requirement to reduce the basis of a rehabilitated building by the amount of the rehabilitation credit claimed, which can currently reduce the value of the credit. 4. Modifies the tax-exempt use property rules to allow more properties to qualify for the rehabilitation credit, except in the case of a building leased by a government entity. Overall, the bill seeks to increase the availability and value of the historic rehabilitation tax credit to incentivize more historic preservation projects.

Budget and Finance

https://www.congress.gov/bill/117th-congress/senate-bill/2266/all-info