S. 639 · 118th Congress
Historic Tax Credit Growth and Opportunity Act of 2023
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Never voted on. It didn't reach a floor vote before the 118th Congress ended, so it expired. A bill has to be introduced again to be considered in a new Congress.
D
CardinSponsor16 cosponsors · 9 D, 6 R, 1 I
D
Cantwell
SC
R
Collins
BC
R
Cassidy
AK
D
Klobuchar
SW
D
Whitehouse
CH
R
Hyde-Smith
RW
R
Wicker
BC
D
Casey
DF
D
Feinstein
PW
D
Welch
SB
D
Brown
AK
I
King
JM
R
Moran
JB
R
Boozman
MB
D
Bennet
TS
D
Smith3 signed on when it was introduced; the rest joined later. Cosponsors who withdrew aren't shown.
This bill increases the rehabilitation tax credit and modifies certain requirements for the credit.
What it does: CRS summary · Introduced in Senate · Mar 2, 2023
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.
Written by the nonpartisan Congressional Research Service. All summary versions on Congress.gov
About this bill and sources
Official title: Historic Tax Credit Growth and Opportunity Act of 2023
Latest action (Mar 2, 2023): Read twice and referred to the Committee on Finance.
Policy area: Taxation · Origin: Senate · Introduced: Mar 2, 2023
Official page on Congress.gov · Bill text (GovInfo) · Status record (XML)
No recorded floor vote found.