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S. 639 118th Congress Senate

Historic Tax Credit Growth and Opportunity Act of 2023

Official title: A bill to amend the Internal Revenue Code of 1986 to improve the historic rehabilitation tax credit, and for other purposes.

Introduced: June 18, 2024 See on congress.gov
Taxation Building constructionHistoric sites and heritage areasIncome tax creditsResidential rehabilitation and home repairTax-exempt organizations
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This bill died when the 118th Congress ended
It never became law before the 118th Congress (2023–2024) adjourned, and bills don't carry over to the next Congress. It would have to be reintroduced. You can still save it for reference, but it won't receive updates.
 Everywhere this bill has been 2 steps
Introduced
In committee
Reported out
Passed House
Passed Senate
To President
Became law
Mar 2, 2023
Read twice and referred to the Committee on Finance.
Mar 2, 2023
Introduced in Senate
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 Latest action March 2, 2023

Read twice and referred to the Committee on Finance.

 Plain-English summary Congressional Research Service

Historic Tax Credit Growth and Opportunity Act of  2023

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.

 Related & companion bills 1
  • HR 1785 Historic Tax Credit Growth and Opportunity Act of 2023
 Bill text 1 version

Source documents hosted by congress.gov.

 Committees of jurisdiction 1
 Cosponsors 13
All 13 Democratic 6 Republican 6 Independent 1
D
Bennet, Michael F.
Colorado · Jun 18, 2024
 R
Boozman, John
Arkansas · Jun 18, 2024
 D
Smith, Tina
Minnesota · Jun 18, 2024
 I
King, Angus S., Jr.
Maine · Dec 19, 2023
 R
Moran, Jerry
Kansas · Dec 19, 2023
 D
Welch, Peter
Vermont · Oct 17, 2023
 R
Hyde-Smith, Cindy
Mississippi · Apr 26, 2023
 R
Wicker, Roger F.
Mississippi · Apr 26, 2023
 D
Whitehouse, Sheldon
Rhode Island · Mar 28, 2023
 D
Klobuchar, Amy
Minnesota · Mar 16, 2023
 D
Cantwell, Maria
Washington · Mar 2, 2023
 R
Cassidy, Bill
Louisiana · Mar 2, 2023
 R
Collins, Susan M.
Maine · Mar 2, 2023
Cite this page click to expand
APA
U.S. Congress. (2026). S. 639: Historic Tax Credit Growth and Opportunity Act of 2023. 118th Congress. Open America. https://openamerica.io/bill/118-S-639/
MLA
"S. 639: Historic Tax Credit Growth and Opportunity Act of 2023." 118th Congress, 2026, Open America, https://openamerica.io/bill/118-S-639/.
Bluebook (legal)
S. 639, 118th Cong. (2026), https://openamerica.io/bill/118-S-639/.
Markdown link
[S. 639: Historic Tax Credit Growth and Opportunity Act of 2023](https://openamerica.io/bill/118-S-639/)
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