118 HR 3181 IH: Rehabilitation of Historic Schools Act of 2023 U.S. House of Representatives 2023-05-10 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.

I118th CONGRESS1st SessionH. R. 3181IN THE HOUSE OF REPRESENTATIVESMay 10, 2023Mr. Evans (for himself, Ms. Norton, Mr. Davis of Illinois, Mr. Cohen, and Ms. Schakowsky) introduced the following bill; which was referred to the Committee on Ways and MeansA BILLTo amend the Internal Revenue Code of 1986 to allow rehabilitation expenditures for public school buildings to qualify for rehabilitation credit.

1.

Short title

This Act may be cited as the Rehabilitation of Historic Schools Act of 2023.

2.

Qualification of rehabilitation expenditures for public school buildings for rehabilitation credit

(a)

In general

Section 47(c)(2)(B)(v) of the Internal Revenue Code of 1986 is amended by adding at the end the following new subclause: (III)

Clause not to apply to public schools

This clause shall not apply in the case of the rehabilitation of any building which was used as a qualified public educational facility (as defined in section 142(k)(1), determined without regard to subparagraph (B) thereof) at any time during the 5-year period ending on the date that such rehabilitation begins and which is used as such a facility immediately after such rehabilitation.. (b)

Report

Not later than the date which is 5 years after the date of the enactment of this Act, the Secretary of the Treasury, after consultation with the heads of appropriate Federal agencies, shall report to Congress on the effects resulting from the amendment made by subsection (a), including— (1)the number of qualified public education facilities rehabilitated (stated separately with respect to each State) and the number of students using such facilities (stated separately with respect to each such State), (2)the number of qualified public education facilities rehabilitated in low income communities (as section 45D(e)(1) of the Internal Revenue Code of 1986) and the number of students using such facilities, (3)the amount of qualified rehabilitation expenditures for each qualified public education facility rehabilitated, and (4)and any other data determined by the Secretary to be useful in evaluating the impact of such amendment. (c)

Effective date

The amendment made by this section shall apply to property placed in service after the date of the enactment of this Act.