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Titles Actions Overview All Actions Cosponsors Committees Related Bills Subjects Latest Summary All Summaries

Titles (2)

Short Titles

Short Titles - Senate

Short Titles as Introduced

Historic Tax Credit Improvement Act of 2015

Official Titles

Official Titles - Senate

Official Titles as Introduced

A bill to amend the Internal Revenue Code of 1986 to improve the historic rehabilitation tax credit, and for other purposes.


Actions Overview (1)

Date
03/09/2016 Introduced in Senate

All Actions (1)

Date
03/09/2016 Read twice and referred to the Committee on Finance.
Action By: Senate

Cosponsors (7)

* = Original cosponsor
CosponsorDate Cosponsored
Sen. Collins, Susan M. [R-ME]* 03/09/2016
Sen. Schumer, Charles E. [D-NY] 04/25/2016
Sen. Blunt, Roy [R-MO] 06/06/2016
Sen. Leahy, Patrick J. [D-VT] 07/12/2016
Sen. Cantwell, Maria [D-WA] 07/14/2016
Sen. Peters, Gary C. [D-MI] 09/07/2016
Sen. Wicker, Roger F. [R-MS] 11/16/2016

Committees (1)

Committees, subcommittees and links to reports associated with this bill are listed here, as well as the nature and date of committee activity and Congressional report number.

Committee / Subcommittee Date Activity Reports
Senate Finance03/09/2016 Referred to

Related Bills (1)

A related bill may be a companion measure, an identical bill, a procedurally-related measure, or one with text similarities. Bill relationships are identified by the House, the Senate, or CRS, and refer only to same-congress measures.

Subjects (7)

  • Building construction
  • Historic sites and heritage areas
  • Income tax credits
  • Residential rehabilitation and home repair
  • State and local taxation
  • Tax-exempt organizations

Latest Summary (1)

There is one summary for S.2655. View summaries

Shown Here:
Introduced in Senate (03/09/2016)

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 two immediately preceding taxable years (small projects); (2) allow the transfer of tax credit amounts for small 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) limit the application of disqualified lease rules to tax-exempt use property.