To amend the Internal Revenue Code of 1986 to modify the rehabilitation credit for certain small projects, to eliminate the requirement that the taxpayer’s basis in a building be reduced by the amount of the rehabilitation credit determined with respect to such building, and for other purposes.
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Summary
What This Bill Does
The bill creates short title This Act may be cited as the Historic Tax Credit Growth and Opportunity Act of 2023, requires increase in rehabilitation credit Section 47(a) of the Internal Revenue Code of 1986 is amended by adding at the end the following new paragraph: In the case of any qualified rehabilitated building with respect, and requires increase in the rehabilitation credit for certain small projects Section 47 is amended by adding at the end the following new subsection: In the case of any small project— the percentage under subsection (a)(2). It relies on compliance mandates, tax rate changes, definition changes, and exemptions. The main policy areas are Regulated Industries and Environment.
Who Benefits and How
Regulated entities and members of the public affected by the bill could face lower compliance burdens and Public beneficiaries or protected communities affected by the clause could face reduced risk.
Who Bears the Burden and How
Federal, state, or local agencies responsible for implementing the clause would take on compliance duties, Public beneficiaries or protected communities affected by the clause could face increased risk, and Regulated entities and members of the public affected by the bill would take on compliance duties.
Key Provisions
- Creates short title This Act may be cited as the Historic Tax Credit Growth and Opportunity Act of 2023.
- Requires increase in rehabilitation credit Section 47(a) of the Internal Revenue Code of 1986 is amended by adding at the end the following new paragraph: In the case of any qualified rehabilitated building with respect...
- Requires increase in the rehabilitation credit for certain small projects Section 47 is amended by adding at the end the following new subsection: In the case of any small project— the percentage under subsection (a)(2)...
- Requires elimination of rehabilitation credit basis adjustment Section 50(c) is amended by adding at the end the following new paragraph: In the case of the rehabilitation credit, paragraph (1) shall not apply.
- Requires modifications regarding certain tax-exempt use property Section 47(c)(2)(B)(v) is amended by adding at the end the following new subclause: For purposes of subclause (I), except in the case of a tax-exempt...
Evidence Chain:
This summary is generated from the full bill text using AI analysis. Expand "Detailed Analysis" below for identified beneficiaries/burden bearers with clause-level evidence links.
At a Glance
What This Bill Does
The bill creates short title This Act may be cited as the Historic Tax Credit Growth and Opportunity Act of 2023, requires increase in rehabilitation credit Section 47(a) of the Internal Revenue Code of 1986 is amended by adding at the end the following new paragraph: In the case of any qualified rehabilitated building with respect, and requires increase in the rehabilitation credit for certain small projects Section 47 is amended by adding at the end the following new subsection: In the case of any small project— the percentage under subsection (a)(2).
Key Policy Areas
Regulated Industries, Environment
Primary Purpose
The bill creates short title This Act may be cited as the Historic Tax Credit Growth and Opportunity Act of 2023, requires increase in rehabilitation credit Section 47(a) of the Internal Revenue Code of 1986 is amended by adding at the end the following new paragraph: In the case of any qualified rehabilitated building with respect, and requires increase in the rehabilitation credit for certain small projects Section 47 is amended by adding at the end the following new subsection: In the case of any small project— the percentage under subsection (a)(2).
Policy Domains
Whole bill
Identified Gains
- Regulated entities and members of the public affected by the bill
- Public beneficiaries or protected communities affected by the clause
Identified Costs
- Federal, state, or local agencies responsible for implementing the clause
- Public beneficiaries or protected communities affected by the clause
- Regulated entities and members of the public affected by the bill
- Environmental and public health interests affected by the bill
Sponsors
Legislative Progress
IntroducedMr. LaHood (for himself, Mr. Blumenauer, Mr. Kelly of Pennsylvania, …
Impact analysis is available but no clear stakeholder effects identified. View clause-level analysis →
Bill Structure & Actor Mappings
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