3.0.0 425 2023-01-11T13:34:45Z 2023-01-11T13:34:45Z Senate S 2017-02-16 115 ssfi00 Finance Committee Senate Standing Referred to 2017-02-16T21:07:59Z Historic Tax Credit Improvement Act of 2017 115 1158 HR 2017-02-16 Referred to the House Committee on Ways and Means. Related bill CRS 2017-02-16 ssfi00 Finance Committee Senate Read twice and referred to the Committee on Finance. IntroReferral 2017-02-16 Introduced in Senate IntroReferral 10000 9 Library of Congress C000141 Sen. Cardin, Benjamin L. [D-MD] Ben Cardin D MD N C001035 Sen. Collins, Susan M. [R-ME] Susan Collins R ME M. 2017-02-16 True C000567 Sen. Cochran, Thad [R-MS] Thad Cochran R MS 2017-02-16 True G000555 Sen. Gillibrand, Kirsten E. [D-NY] Kirsten Gillibrand D NY E. 2017-02-16 True W000437 Sen. Wicker, Roger F. [R-MS] Roger Wicker R MS F. 2017-02-16 True L000174 Sen. Leahy, Patrick J. [D-VT] Patrick Leahy D VT 2017-02-16 True S000148 Sen. Schumer, Charles E. [D-NY] Charles Schumer D NY E. 2017-03-08 False C000127 Sen. Cantwell, Maria [D-WA] Maria Cantwell D WA 2017-03-22 False B001230 Sen. Baldwin, Tammy [D-WI] Tammy Baldwin D WI 2017-03-23 False B000575 Sen. Blunt, Roy [R-MO] Roy Blunt R MO 2017-03-28 False P000595 Sen. Peters, Gary C. [D-MI] Gary Peters D MI 2017-04-28 False B000944 Sen. Brown, Sherrod [D-OH] Sherrod Brown D OH 2017-06-08 False W000802 Sen. Whitehouse, Sheldon [D-RI] Sheldon Whitehouse D RI 2017-07-18 False C001070 Sen. Casey, Robert P., Jr. [D-PA] Bob Casey D PA 2017-09-05 False Taxation Building construction Historic sites and heritage areas Income tax credits Residential rehabilitation and home repair Tax-exempt organizations Taxation 00 2017-02-16 Introduced in Senate 2017-03-06T15:22:59Z Historic Tax Credit Improvement Act of 2017

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) reduce the required basis adjustment from 100% of the credit to 50% of the amount of the credit; and (5) limit the application of disqualified lease rules to tax-exempt use property.

]]> Historic Tax Credit Improvement Act of 2017 Display Title Historic Tax Credit Improvement Act of 2017 Official Title as Introduced A bill to amend the Internal Revenue Code of 1986 to improve the historic rehabilitation tax credit, and for other purposes. Introduced in Senate IS Short Titles as Introduced Historic Tax Credit Improvement Act of 2017 Introduced in Senate 2017-02-16T05:00:00Z https://www.govinfo.gov/content/pkg/BILLS-115s425is/xml/BILLS-115s425is.xml 2017-02-16 Read twice and referred to the Committee on Finance. 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. Congressional Research Service, Library of Congress This file contains bill summaries and statuses for federal legislation. A bill summary describes the most significant provisions of a piece of legislation and details the effects the legislative text may have on current law and federal programs. Bill summaries are authored by the Congressional Research Service (CRS) of the Library of Congress. As stated in Public Law 91-510 (2 USC 166 (d)(6)), one of the duties of CRS is "to prepare summaries and digests of bills and resolutions of a public general nature introduced in the Senate or House of Representatives". For more information, refer to the User Guide that accompanies this file.