Historic Tax Credit Growth and Opportunity Act of 2021
- Last Action
- 6/24/2021
Actions
- 2021-06-24Read twice and referred to the Committee on Finance.
- 2021-06-24Introduced in Senate
CRS Summary
As of 2021-06-24 (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 to 30% for small projects (rehabilitation expenditures not exceeding $3.75 million) and caps the credit for such projects at $750,000 for all taxable years.
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 the eligibility of tax-exempt use property for the credit.
Cosponsors (15)
- Bill Cassidy (R-LA)
- Maria Cantwell (D-WA)
- Susan Collins (R-ME)
- Patrick Leahy (D-VT)
- Chris Van Hollen (D-MD)
- Sherrod Brown (D-OH)
- Sheldon Whitehouse (D-RI)
- Kirsten Gillibrand (D-NY)
- Jerry Moran (R-KS)
- Christopher Coons (D-DE)
- Gary Peters (D-MI)
- Roger Wicker (R-MS)
- Cindy Hyde-Smith (R-MS)
- Dianne Feinstein (D-CA)
- Amy Klobuchar (D-MN)
Subjects
- Building construction
- Historic sites and heritage areas
- Income tax credits
- Residential rehabilitation and home repair
- Tax-exempt organizations
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.