[Congressional Bills 115th Congress]
[From the U.S. Government Publishing Office]
[S. 3058 Introduced in Senate (IS)]

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115th CONGRESS
  2d Session
                                S. 3058

To 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.


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                   IN THE SENATE OF THE UNITED STATES

                             June 13, 2018

 Mr. Cassidy (for himself, Mr. Cardin, and Ms. Collins) introduced the 
 following bill; which was read twice and referred to the Committee on 
                                Finance

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                                 A BILL


 
To 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.

    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 ``Historic Tax Credit Enhancement 
Act''.

SEC. 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.
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