Historic Tax Credit Growth and Opportunity Act of 2021

Bill 117 hr 2294, also known as the Historic Tax Credit Growth and Opportunity Act of 2021, aims to expand and improve the Historic Tax Credit (HTC) program. The HTC program provides tax incentives for the rehabilitation of historic buildings, encouraging investment in preserving our nation's historic landmarks.

The bill proposes several key changes to the HTC program. It increases the credit rate for certain small projects, making it more financially feasible for developers to undertake smaller rehabilitation projects. Additionally, the bill allows for the transfer of unused credits to other taxpayers, providing more flexibility for developers to utilize the credits effectively.

Furthermore, the bill seeks to streamline the application process for the HTC program, reducing administrative burdens and making it easier for developers to access the credits. This will help expedite the rehabilitation of historic buildings and stimulate economic growth in communities across the country. Overall, the Historic Tax Credit Growth and Opportunity Act of 2021 aims to promote the preservation of our nation's historic buildings while also spurring economic development. By expanding and improving the HTC program, this bill seeks to incentivize investment in historic preservation and create new opportunities for developers to revitalize our historic landmarks.