Rural Historic Tax Credit Improvement Act

Hozzl · 2025-03-13T01:23:24Z

Explore the details of Senate Bill 631 Rural Historic Tax Credit Improvement Act currently in Congress. Get insights into its purpose, current status, sponsors, and potential impact on undefined. Stay informed on legislative developments.

3/13/2025, 1:23 AM

Summary of Bill S 631

Bill 119 s 631, also known as the Rural Rehabilitation Tax Credit Enhancement Act, aims to make changes to the Internal Revenue Code of 1986 in order to improve the rehabilitation credit for buildings located in rural areas. The bill seeks to incentivize the revitalization of rural communities by providing tax credits to individuals or businesses that invest in the restoration and renovation of buildings in these areas.

Specifically, the bill proposes to increase the rehabilitation credit for buildings in rural areas, making it more financially attractive for investors to undertake these projects. By enhancing the tax credit, the hope is that more buildings in rural communities will be restored, leading to economic growth and job creation in these areas.

Overall, the Rural Rehabilitation Tax Credit Enhancement Act is designed to support the development and revitalization of rural communities by providing tax incentives for the rehabilitation of buildings. This legislation aims to promote economic development and investment in rural areas, ultimately benefiting both the local communities and the broader economy.

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Current Status of Bill S 631

Bill S 631 is currently in the status of Bill Introduced since February 19, 2025. Bill S 631 was introduced during Congress 119 and was introduced to the Senate on February 19, 2025. Bill S 631's most recent activity was Read twice and referred to the Committee on Finance. as of February 19, 2025

Bipartisan Support of Bill S 631

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Policy Area and Potential Impact of Bill S 631

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Alternate Title(s) of Bill S 631

A bill to amend the Internal Revenue Code of 1986 to enhance the rehabilitation credit for buildings in rural areas.A bill to amend the Internal Revenue Code of 1986 to enhance the rehabilitation credit for buildings in rural areas.

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