To amend the Internal Revenue Code of 1986 to improve the historic rehabilitation tax credit, and for other purposes.
Analysis under review: This bill has generated analysis that may be too generic or incomplete. Clause-level evidence remains available below.
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, creates increase in the rehabilitation credit for certain small projects Section 47 of the Internal Revenue Code of 1986 is amended by adding at the end the following new subsection: In the case of any qualified, and requires increasing the type of buildings eligible for rehabilitation Section 47(c)(1)(B)(i)(I) of the Internal Revenue Code of 1986 is amended by inserting 50 percent of before the adjusted basis. It relies on compliance mandates, tax credits, definition changes, and tax rate changes. The main policy areas are Regulated Industries.
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, Regulated entities and members of the public affected by the bill would take on compliance duties, and Public beneficiaries or protected communities affected by the clause could face increased risk.
Key Provisions
- Creates short title This Act may be cited as the Historic Tax Credit Growth and Opportunity Act of 2023.
- Creates increase in the rehabilitation credit for certain small projects Section 47 of the Internal Revenue Code of 1986 is amended by adding at the end the following new subsection: In the case of any qualified...
- Requires increasing the type of buildings eligible for rehabilitation Section 47(c)(1)(B)(i)(I) of the Internal Revenue Code of 1986 is amended by inserting 50 percent of before the adjusted basis.
- Requires elimination of rehabilitation credit basis adjustment Section 50(c) of the Internal Revenue Code of 1986 is amended by adding at the end the following new paragraph: In the case of the rehabilitation credit...
- Requires modifications regarding certain tax-exempt use property Section 47(c)(2)(B)(v) of the Internal Revenue Code of 1986 is amended by adding at the end the following new subclause: For purposes of subclause (I)...
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, creates increase in the rehabilitation credit for certain small projects Section 47 of the Internal Revenue Code of 1986 is amended by adding at the end the following new subsection: In the case of any qualified, and requires increasing the type of buildings eligible for rehabilitation Section 47(c)(1)(B)(i)(I) of the Internal Revenue Code of 1986 is amended by inserting 50 percent of before the adjusted basis.
Key Policy Areas
Regulated Industries
Primary Purpose
The bill creates short title This Act may be cited as the Historic Tax Credit Growth and Opportunity Act of 2023, creates increase in the rehabilitation credit for certain small projects Section 47 of the Internal Revenue Code of 1986 is amended by adding at the end the following new subsection: In the case of any qualified, and requires increasing the type of buildings eligible for rehabilitation Section 47(c)(1)(B)(i)(I) of the Internal Revenue Code of 1986 is amended by inserting 50 percent of before the adjusted basis.
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
- Regulated entities and members of the public affected by the bill
- Public beneficiaries or protected communities affected by the clause
Sponsors
Legislative Progress
IntroducedMr. Cardin (for himself, Mr. Cassidy, Ms. Cantwell, and Ms. …
Impact analysis is available but no clear stakeholder effects identified. View clause-level analysis →
Bill Structure & Actor Mappings
Who is "The Secretary" in each section?
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