Summary: H.R.3846 — 114th Congress (2015-2016)All Information (Except Text)

There is one summary for H.R.3846. Bill summaries are authored by CRS.

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Introduced in House (10/28/2015)

Historic Tax Credit Improvement Act of 2015

This bill amends the Internal Revenue Code, with respect to the tax credit for the rehabilitation of buildings and historic structures, to: (1) allow an increased 30% credit, up to $750,000, for projects with rehabilitation expenditures not exceeding $3.75 million, for which no credit was allowed in either of the 2 prior taxable years (smaller projects); (2) allow the transfer of tax credit amounts for smaller projects; (3) treat a building as substantially rehabilitated if rehabilitation expenditures exceed the greater of 50% of the adjusted basis of the building or $5,000 (currently, the greater of the adjusted basis of the building or $5,000); (4) exempt from tax the proceeds of a state historic tax; and (5) set forth special rules for the tax treatment of tax-exempt use property and functionally-related historic structures.