S 2655 114th Congress Senate Taxation Building construction Historic sites and heritage areas Income tax credits Residential rehabilitation and home repair State and local taxation Tax-exempt organizations

Historic Tax Credit Improvement Act of 2015

Introduced: March 9, 2016 See on congress.gov

Everywhere this bill has been 2 steps

Introduced

In committee

Reported out

Passed House

Passed Senate

To President

Became law

Mar 9, 2016

Read twice and referred to the Committee on Finance.

Mar 9, 2016

Introduced in Senate

Plain-English summary Congressional Research Service

Historic Tax Credit Improvement Act of 2015

This bill amends the Internal Revenue Code, with respect to the tax credit for the rehabilitation of buildings and historic structures, to: (1) allow an increased 30% credit, up to $750,000, for projects with rehabilitation expenditures not exceeding $3.75 million, for which no credit was allowed in either of the two immediately preceding taxable years (small projects); (2) allow the transfer of tax credit amounts for small projects; (3) treat a building as substantially rehabilitated if rehabilitation expenditures exceed the greater of 50% of the adjusted basis of the building or $5,000 (currently, the greater of the adjusted basis of the building or $5,000); (4) exempt from tax the proceeds of a state historic tax; and (5) limit the application of disqualified lease rules to tax-exempt use property.

What's happening now March 9, 2016

Read twice and referred to the Committee on Finance.

Committees of jurisdiction 1