[Congressional Bills 113th Congress]
[From the U.S. Government Publishing Office]
[H.R. 5299 Introduced in House (IH)]

113th CONGRESS
  2d Session
                                H. R. 5299

To amend the Internal Revenue Code of 1986 to allow an enhanced credit 
 for the rehabilitation of buildings located in low-income communities.


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                    IN THE HOUSE OF REPRESENTATIVES

                             July 30, 2014

Mr. Turner (for himself and Mr. Fattah) introduced the following bill; 
         which was referred to the Committee on Ways and Means

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                                 A BILL


 
To amend the Internal Revenue Code of 1986 to allow an enhanced credit 
 for the rehabilitation of buildings located in low-income communities.

    Be it enacted by the Senate and House of Representatives of the 
United States of America in Congress assembled,

SECTION 1. SHORT TITLE.

    This Act may be cited as the ``Urban Core Revitalization Act''.

SEC. 2. ENHANCED REHABILITATION CREDIT FOR BUILDINGS LOCATED IN LOW-
              INCOME COMMUNITIES.

    (a) In General.--Subsection (a) of section 47 of the Internal 
Revenue Code of 1986 (relating to rehabilitation credit) is amended--
            (1) by striking ``structure, and'' in paragraph (1) and 
        inserting ``structure and other than a building to which 
        paragraph (2) applies,'', and
            (2) by redesignating paragraph (2) as paragraph (3) and 
        inserting after paragraph (1) the following new paragraph:
            ``(2) 15 percent of the qualified rehabilitation 
        expenditures with respect to any qualified rehabilitated 
        building (other than a certified historic structure) located in 
        a low-income community, and''.
    (b) Low-Income Community Buildings.--Section 47 of such Code is 
amended by adding at the end the following new subsection:
    ``(e) Low-Income Community Buildings.--For purposes of this 
section, the term `low-income community' has the meaning given to such 
term by section 45D(e), and the determination of whether a building is 
located in such a community shall be made as of the date that the 
physical work on the rehabilitation of the building begins.''.
    (c) Effective Date.--The amendments made by this section shall 
apply with respect to rehabilitations the physical work on which begins 
after the date of enactment of this Act.
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