HR5882-118

1. Reinstatement of one-year rehabilitation credit Section 47(a) of the Internal Revenue Code of 1986 is amended to read as follows: For purposes of section 46, the rehabilitation credit for any taxable year is 20 percent of the qualified rehabilitation expenditures with respect to any certified historic structure. The amendments made by this section shall apply to amounts paid or incurred after December 31, 2023. (a)General ruleFor purposes of section 46, the rehabilitation credit for any taxable year is 20 percent of the qualified rehabilitation expenditures with respect to any certified historic structure..