118 HR 5882 IH: To amend the Internal Revenue Code of 1986 to modify the rehabilitation credit to allow such credit to be taken in one taxable year. U.S. House of Representatives 2023-10-25 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. 5882IN THE HOUSE OF REPRESENTATIVESOctober 3, 2023Mr. Carey (for himself and Mr. Schneider) introduced the following billOctober 25, 2023Referred to the Committee on Ways and MeansA BILLTo amend the Internal Revenue Code of 1986 to modify the rehabilitation credit to allow such credit to be taken in one taxable year.

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.