US SB2615 | 2019-2020 | 116th Congress
Status
Spectrum: Bipartisan Bill
Status: Introduced on October 16 2019 - 25% progression, died in committee
Action: 2019-10-16 - Read twice and referred to the Committee on Finance.
Pending: Senate Finance Committee
Text: Latest bill text (Introduced) [PDF]
Status: Introduced on October 16 2019 - 25% progression, died in committee
Action: 2019-10-16 - Read twice and referred to the Committee on Finance.
Pending: Senate Finance Committee
Text: Latest bill text (Introduced) [PDF]
Summary
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.
Title
Historic Tax Credit Growth and Opportunity Act of 2019
Sponsors
Sen. Bill Cassidy [R-LA] | Sen. Benjamin Cardin [D-MD] | Sen. Susan Collins [R-ME] | Sen. Maria Cantwell [D-WA] |
Sen. Sheldon Whitehouse [D-RI] | Sen. Jerry Moran [R-KS] | Sen. Roy Blunt [R-MO] | Sen. Mark Warner [D-VA] |
Sen. Sherrod Brown [D-OH] | Sen. Jack Reed [D-RI] | Sen. Tammy Duckworth [D-IL] | Sen. Roger Wicker [R-MS] |
Sen. Cindy Hyde-Smith [R-MS] |
History
Date | Chamber | Action |
---|---|---|
2019-10-16 | Senate | Read twice and referred to the Committee on Finance. |
Same As/Similar To
HB2825 (Related) 2019-05-17 - Referred to the House Committee on Ways and Means.
Subjects
Building construction
Historic sites and heritage areas
Income tax credits
Residential rehabilitation and home repair
Tax-exempt organizations
Taxation
Historic sites and heritage areas
Income tax credits
Residential rehabilitation and home repair
Tax-exempt organizations
Taxation
US Congress State Sources
Type | Source |
---|---|
Summary | https://www.congress.gov/bill/116th-congress/senate-bill/2615/all-info |
Text | https://www.congress.gov/116/bills/s2615/BILLS-116s2615is.pdf |