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Historic Tax Credit Growth and Opportunity Act of 2023
3/14/2024, 2:17 AM
Congressional Summary of S 639
Historic Tax Credit Growth and Opportunity Act of 2023
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.
Read the Full Bill
Current Status of Bill S 639
Bill S 639 is currently in the status of Bill Introduced since March 2, 2023. Bill S 639 was introduced during Congress 118 and was introduced to the Senate on March 2, 2023. Bill S 639's most recent activity was Read twice and referred to the Committee on Finance. as of March 2, 2023
Bipartisan Support of Bill S 639
Total Number of Sponsors
1Democrat Sponsors
1Republican Sponsors
0Unaffiliated Sponsors
0Total Number of Cosponsors
13Democrat Cosponsors
7Republican Cosponsors
5Unaffiliated Cosponsors
1Policy Area and Potential Impact of Bill S 639
Primary Policy Focus
TaxationPotential Impact Areas
- Building construction
- Historic sites and heritage areas
- Income tax credits
- Residential rehabilitation and home repair
- Tax-exempt organizations
Alternate Title(s) of Bill S 639
Historic Tax Credit Growth and Opportunity Act of 2023
Historic Tax Credit Growth and Opportunity Act of 2023
A bill to amend the Internal Revenue Code of 1986 to improve the historic rehabilitation tax credit, and for other purposes.
Comments
Sponsors and Cosponsors of S 639
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