This bill modifies provisions relating to the rehabilitation tax credit. Specifically, the bill allows an increased 15% credit for non-historic buildings placed in service 50 years prior to the current calendar year. It also allows the credit for buildings within a half-mile of public transportation facilities, for residential lodging purposes, and for expenses related to building expansion on the same block as a qualified rehabilitation building.

The bill allows a 25% credit for rent-restricted housing units and for expenses related to public infrastructure projects required by state or local governments as a condition of project completion.