Senate Bill 2615
116th Congress(2019-2020)
Historic Tax Credit Growth and Opportunity Act of 2019
Introduced
Introduced in Senate on Oct 16, 2019
Origin Chamber
Senate
Type
Bill
Bill
The primary form of legislative measure used to propose law. Depending on the chamber of origin, bills begin with a designation of either H.R. or S. Joint resolution is another form of legislative measure used to propose law.
Bill Number
2615
Congress
116
Policy Area
Taxation
Taxation
Primary focus of measure is all aspects of income, excise, property, inheritance, and employment taxes; tax administration and collection. Measures concerning state and local finance may fall under Economics and Public Finance policy area.
No Senate votes have been held for this bill.
Summary
Historic Tax Credit Growth and Opportunity Act of 2019
This bill 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.
October 16, 2019
10/16/2019
Read twice and referred to the Committee on Finance.
10/16/2019
Introduced in Senate
Public Record
Record Updated
Nov 1, 2022 1:49:39 PM