S 639
118th Congress
Senate
Taxation
Building construction
Historic sites and heritage areas
Income tax credits
Residential rehabilitation and home repair
Tax-exempt organizations
Historic Tax Credit Growth and Opportunity Act of 2023
Introduced: March 2, 2023
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 2, 2023
Read twice and referred to the Committee on Finance.
Mar 2, 2023
Introduced in Senate
Plain-English summary
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.
What's happening now
Read twice and referred to the Committee on Finance.
Committees of jurisdiction
1