115 HR 6081 IH: Historic Tax Credit Enhancement Act of 2018 U.S. House of Representatives 2018-06-13 text/xml EN Pursuant to Title 17 Section 105 of the United States Code, this file is not subject to copyright protection and is in the public domain.

I115th CONGRESS2d SessionH. R. 6081IN THE HOUSE OF REPRESENTATIVESJune 13, 2018Mr. LaHood (for himself, Mr. Kelly of Pennsylvania, and Mr. Blumenauer) introduced the following bill; which was referred to the Committee on Ways and MeansA BILLTo amend the Internal Revenue Code of 1986 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.

1.

Short title

This Act may be cited as the Historic Tax Credit Enhancement Act of 2018.

2.

Elimination of rehabilitation credit basis adjustment

(a)

In general

Section 50(c) of the Internal Revenue Code of 1986 is amended by adding at the end the following new paragraph: (6)

Exception for rehabilitation credit

In the case of the rehabilitation credit, paragraph (1) shall not apply.. (b)

Treatment in case of credit allowed to lessee

Section 50(d) of such Code is amended by adding at the end the following: In the case of the rehabilitation credit, paragraph (5)(B) of the section 48(d) referred to in paragraph (5) of this subsection shall not apply.. (c)

Effective date

The amendments made by this section shall apply to property placed in service after the date of the enactment of this Act.