Historic Tax Credit Growth and Opportunity Act of 2019
Bill journey · stage 2 of 5
Under committee review
What it doesSummary introduced in house (May 17, 2019)
Historic Tax Credit Growth and Opportunity Act of 2019
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 smaller 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 allows taxpayers to transfer all or a portion of the credits that are allowable for smaller projects.
The bill 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.
What just happenedMay 17, 2019
Referred to the House Committee on Ways and Means.
Who’s behind it
- Introduced in HouseMay 17, 2019
- May 17, 2019IntroReferralH11100
Referred to the House Committee on Ways and Means.
Ways and Means Committee - May 17, 2019IntroReferralIntro-H
Introduced in House
- May 17, 2019IntroReferral1000
Introduced in House