3.0.0 2615 2022-11-01T13:49:39Z 2022-11-01T14:29:48Z Senate S 2019-10-16 116 ssfi00 Finance Committee Senate Standing Referred to 2019-10-16T22:14:08Z Historic Tax Credit Growth and Opportunity Act of 2019 116 2825 HR 2019-05-17 Referred to the House Committee on Ways and Means. Related bill CRS 2019-10-16 ssfi00 Finance Committee Senate Read twice and referred to the Committee on Finance. IntroReferral 2019-10-16 Introduced in Senate IntroReferral 10000 9 Library of Congress C001075 Sen. Cassidy, Bill [R-LA] Bill Cassidy R LA N C000141 Sen. Cardin, Benjamin L. [D-MD] Ben Cardin D MD 2019-10-16 True C001035 Sen. Collins, Susan M. [R-ME] Susan Collins R ME M. 2019-10-16 True C000127 Sen. Cantwell, Maria [D-WA] Maria Cantwell D WA 2019-10-16 True W000802 Sen. Whitehouse, Sheldon [D-RI] Sheldon Whitehouse D RI 2019-11-12 False M000934 Sen. Moran, Jerry [R-KS] Jerry Moran R KS 2019-11-12 False B000575 Sen. Blunt, Roy [R-MO] Roy Blunt R MO 2019-11-19 False W000805 Sen. Warner, Mark R. [D-VA] Mark Warner D VA R. 2019-11-19 False B000944 Sen. Brown, Sherrod [D-OH] Sherrod Brown D OH 2019-12-12 False R000122 Sen. Reed, Jack [D-RI] John Reed D RI F. 2020-02-04 False D000622 Sen. Duckworth, Tammy [D-IL] Tammy Duckworth D IL 2020-02-04 False W000437 Sen. Wicker, Roger F. [R-MS] Roger Wicker R MS F. 2020-03-12 False H001079 Sen. Hyde-Smith, Cindy [R-MS] Cindy Hyde-Smith R MS 2020-03-12 False Taxation Building construction Historic sites and heritage areas Income tax credits Residential rehabilitation and home repair Tax-exempt organizations Taxation 00 2019-10-16 Introduced in Senate 2019-10-25T18:50:37Z Historic Tax Credit Growth and Opportunity Act of  2019

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.

]]> Historic Tax Credit Growth and Opportunity Act of 2019 Display Title Historic Tax Credit Growth and Opportunity Act of 2019 Short Title(s) as Introduced Historic Tax Credit Growth and Opportunity Act of 2019 Introduced in Senate IS 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 Introduced in Senate 2019-10-16T04:00:00Z https://www.govinfo.gov/content/pkg/BILLS-116s2615is/xml/BILLS-116s2615is.xml 2019-10-16 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.