summary
Introduced
03/24/2023
03/24/2023
In Committee
03/24/2023
03/24/2023
Crossed Over
Passed
Dead
01/03/2025
01/03/2025
Introduced Session
118th Congress
Bill Summary
A BILL 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.
AI Summary
This bill, the Historic Tax Credit Growth and Opportunity Act of 2023, aims to modify the rehabilitation tax credit (also known as the historic tax credit) in several ways. It increases the credit percentage for qualified rehabilitation expenditures made before 2028, raises the credit percentage for certain small projects, adjusts the definition of "substantially rehabilitated" to be more accessible, and eliminates the requirement to reduce the taxpayer's basis in a building by the amount of the rehabilitation credit. Additionally, the bill narrows the applicability of the "disqualified lease" rules for determining whether a property is considered tax-exempt use property. These changes are intended to encourage investment in historic preservation and make the rehabilitation tax credit more accessible, especially for smaller projects.
Committee Categories
Budget and Finance
Sponsors (69)
Darin LaHood (R)*,
Gabe Amo (D),
Mark Amodei (R),
Don Bacon (R),
Don Beyer (D),
Earl Blumenauer (D),
Larry Bucshon (R),
Mike Carey (R),
Buddy Carter (R),
Troy Carter (D),
Matt Cartwright (D),
Emanuel Cleaver (D),
Steve Cohen (D),
Angie Craig (D),
Sharice Davids (D),
Danny Davis (D),
Don Davis (D),
Suzan DelBene (D),
Lloyd Doggett (D),
Dwight Evans (D),
Drew Ferguson (R),
Brad Finstad (R),
Brian Fitzpatrick (R),
Lizzie Fletcher (D),
Mike Flood (R),
Marie Gluesenkamp Pérez (D),
Jimmy Gomez (D),
Josh Gottheimer (D),
Garret Graves (R),
Brian Higgins (D),
Ashley Hinson (R),
Richard Hudson (R),
Jonathan Jackson (D),
Pramila Jayapal (D),
Bill Johnson (R),
Marcy Kaptur (D),
Tom Kean (R),
Mike Kelly (R),
Robin Kelly (D),
Trent Kelly (R),
Dan Kildee (D),
Derek Kilmer (D),
Andy Kim (D),
Raja Krishnamoorthi (D),
David Kustoff (R),
Seth Magaziner (D),
Betty McCollum (D),
Carol Miller (R),
Gwen Moore (D),
Ilhan Omar (D),
Frank Pallone (D),
Chellie Pingree (D),
Stacey Plaskett (D),
Katie Porter (D),
Delia Ramirez (D),
Deborah Ross (D),
Brad Schneider (D),
Terri Sewell (D),
Adam Smith (D),
Lloyd Smucker (R),
Pete Stauber (R),
Claudia Tenney (R),
G.T. Thompson (R),
Paul Tonko (D),
Mike Turner (R),
Ann Wagner (R),
Bonnie Watson Coleman (D),
Brad Wenstrup (R),
Rudy Yakym (R),
Last Action
Referred to the House Committee on Ways and Means. (on 03/24/2023)
Official Document
bill text
bill summary
Loading...
bill summary
Loading...
bill summary
| Document Type | Source Location |
|---|---|
| State Bill Page | https://www.congress.gov/bill/118th-congress/house-bill/1785/all-info |
| BillText | https://www.congress.gov/118/bills/hr1785/BILLS-118hr1785ih.pdf |
Loading...