Historic Tax Credit Growth and Opportunity Act of 2021

Senate Bill 2266 - Historic Tax Credit Growth and Opportunity Act of 2021: Overview, Status, and Impact

Hozzl · 2023-03-08T20:26:37Z

Explore the details of Senate Bill 2266 Historic Tax Credit Growth and Opportunity Act of 2021 currently in Congress. Get insights into its purpose, current status, sponsors, and potential impact on Taxation. Stay informed on legislative developments.

3/8/2023, 8:26 PM

Congressional Summary of S 2266

Historic Tax Credit Growth and Opportunity Act of 2021

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.

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Current Status of Bill S 2266

Bill S 2266 is currently in the status of Bill Introduced since June 24, 2021. Bill S 2266 was introduced during Congress 117 and was introduced to the Senate on June 24, 2021. Bill S 2266's most recent activity was Read twice and referred to the Committee on Finance. as of June 24, 2021