[Congressional Bills 118th Congress]
[From the U.S. Government Publishing Office]
[H.R. 5882 Introduced in House (IH)]

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118th CONGRESS
  1st Session
                                H. R. 5882

To amend the Internal Revenue Code of 1986 to modify the rehabilitation 
      credit to allow such credit to be taken in one taxable year.


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                    IN THE HOUSE OF REPRESENTATIVES

                            October 3, 2023

Mr. Carey (for himself and Mr. Schneider) introduced the following bill

                            October 25, 2023

              Referred to the Committee on Ways and Means

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                                 A BILL


 
To amend the Internal Revenue Code of 1986 to modify the rehabilitation 
      credit to allow such credit to be taken in one taxable year.

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

SECTION 1. REINSTATEMENT OF ONE-YEAR REHABILITATION CREDIT.

    (a) In General.--Section 47(a) of the Internal Revenue Code of 1986 
is amended to read as follows:
    ``(a) General Rule.--For purposes of section 46, the rehabilitation 
credit for any taxable year is 20 percent of the qualified 
rehabilitation expenditures with respect to any certified historic 
structure.''.
    (b) Effective Date.--The amendments made by this section shall 
apply to amounts paid or incurred after December 31, 2023.
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