S.2615 - Historic Tax Credit Growth and Opportunity Act of 2019116th Congress (2019-2020)
|Sponsor:||Sen. Cassidy, Bill [R-LA] (Introduced 10/16/2019)|
|Committees:||Senate - Finance|
|Latest Action:||Senate - 10/16/2019 Read twice and referred to the Committee on Finance. (All Actions)|
This bill has the status Introduced
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Summary: S.2615 — 116th Congress (2019-2020)All Information (Except Text)
Introduced in Senate (10/16/2019)
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 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.