Bill > S639

This bill, the Historic Tax Credit Growth and Opportunity Act of 2023, aims to improve the historic rehabilitation tax credit, which allows taxpayers to claim a credit for the costs of renovating historic buildings. The key provisions of the bill are: 1. It increases the rehabilitation credit from 20% to 30% for "small projects," which are defined as projects with total qualified rehabilitation expenditures not exceeding $3.75 million and where no credit was claimed in the previous two years. 2. It expands the types of buildings eligible for the rehabilitation credit by reducing the required adjusted basis threshold from 100% to 50%. 3. It eliminates the requirement to reduce the basis of the rehabilitated property by the amount of the rehabilitation credit claimed, making the credit more valuable for taxpayers. 4. It modifies the rules regarding tax-exempt use property, allowing more properties to qualify for the credit by excluding certain leases to government entities from the disqualified lease rules. The goal of the bill is to encourage more investment in the rehabilitation and preservation of historic buildings, particularly smaller-scale projects, by enhancing the tax benefits available to taxpayers.