US Congress Senate Bill 425 (Prior Session Legislation)

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Spectrum: Slight Partisan Bill (Democrat 10-4)
Status: Introduced on February 16 2017 - 25% progression, died in committee
Action: 2017-02-16 - Read twice and referred to the Committee on Finance.
Pending: Senate Finance Committee
Text: Latest bill text (Introduced) [PDF]

Historic Tax Credit Improvement Act of 2017 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) reduce the required basis adjustment from 100% of the credit to 50% of the amount of the credit; and (5) limit the application of disqualified lease rules to tax-exempt use property.

Historic Tax Credit Improvement Act of 2017

Sen. Benjamin Cardin [D-MD]	Sen. Susan Collins [R-ME]	Sen. Thad Cochran [R-MS]	Sen. Kirsten Gillibrand [D-NY]
Sen. Roger Wicker [R-MS]	Sen. Patrick Leahy [D-VT]	Sen. Charles Schumer [D-NY]	Sen. Maria Cantwell [D-WA]
Sen. Tammy Baldwin [D-WI]	Sen. Roy Blunt [R-MO]	Sen. Gary Peters [D-MI]	Sen. Sherrod Brown [D-OH]
Sen. Sheldon Whitehouse [D-RI]	Sen. Robert Casey [D-PA]

Date	Chamber	Action
2017-02-16	Senate	Read twice and referred to the Committee on Finance.

HB1158 (Related) 2017-02-16 - Referred to the House Committee on Ways and Means.
HB3491 (Related) 2017-07-27 - Referred to the House Committee on Ways and Means.
SB1451 (Related) 2017-06-28 - Read twice and referred to the Committee on Commerce, Science, and Transportation.
HB3991 (Related) 2017-10-16 - Referred to the Subcommittee on Crime, Terrorism, Homeland Security, and Investigations.
SB2022 (Related) 2017-10-26 - Read twice and referred to the Committee on Health, Education, Labor, and Pensions.

Type	Source
Summary	https://www.congress.gov/bill/115th-congress/senate-bill/425/all-info
Text	https://www.congress.gov/115/bills/s425/BILLS-115s425is.pdf