Historic Tax Credit Growth and Opportunity Act of 2021
- Last Action
- 4/1/2021
Actions
- 2021-04-01Referred to the House Committee on Ways and Means.
- 2021-04-01Sponsor introductory remarks on measure. (CR E324)
- 2021-04-01Introduced in House
- 2021-04-01Introduced in House
CRS Summary
As of 2021-04-01 (00)
Historic Tax Credit Growth and Opportunity Act of 2021
This bill increases the rehabilitation tax credit and modifies certain requirements for the credit.
The bill increases the rate of the credit for qualified rehabilitation expenditures in taxable years beginning after December 31, 2019, and before January 1, 2027, after which the rate reverts to 20%.
The bill increases the rate of the credit to 30% for certain small projects whose qualified rehabilitation expenditures do not exceed $2.5 million.
The bill also expands the types of buildings eligible for rehabilitation by decreasing the rehabilitation threshold from 100% to 50% of project expenses. It also eliminates the basis adjustment requirement for the credit and modifies rules relating to tax-exempt use property eligible for the credit.
Cosponsors (20)
- Darin LaHood (R-IL)
- Terri Sewell (D-AL)
- Brian Higgins (D-NY)
- MARCY KAPTUR (D-OH)
- Brian Fitzpatrick (R-PA)
- Jeff Fortenberry (R-NE)
- Jackie Walorski (R-IN)
- David McKinley (R-WV)
- A. Ferguson (R-GA)
- Michael Turner (R-OH)
- Mike Kelly (R-PA)
- Stephanie Bice (R-OK)
- Carol Miller (R-WV)
- Anthony Brown (D-MD)
- John Katko (R-NY)
- Joyce Beatty (D-OH)
- Derek Kilmer (D-WA)
- ELEANOR NORTON (D-DC)
- Suzan DelBene (D-WA)
- STEVE CHABOT (R-OH)
Subjects
- Architecture
- Building construction
- Income tax credits
Sourced from Congress.gov (public domain).
This is legal information, not legal advice. Laws vary by jurisdiction and change frequently. Always verify current law with official sources and consult a licensed attorney in your jurisdiction for advice on your specific situation.