S. 639
Referred to CommitteeHistoric Tax Credit Growth and Opportunity Act of 2023
Latest Action
Read twice and referred to the Committee on Finance.
3/2/2023 • Senate
Summary
Historic Tax Credit Growth and Opportunity Act of 2023
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.
Introduced in Senate • 3/2/2023
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Sponsor & Cosponsors (17)
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Sponsor
Cosponsors (16)
Bill Journey
Originated in the Senate
Introduced
March 2, 2023
Read twice and referred to the Committee on Finance.
Committee Review
Floor Debate
Passed Chamber
Other Chamber
President
Enacted into Law