US SB1459

Allows the full 20% historic rehabilitation tax credit to be claimed in the year the building is placed in service, rather than spread over multiple years, effective for properties placed in service after December 31, 2023

Creates an enhanced 30% tax credit for "qualifying small projects" with expenditures capped at $3.75 million ($5 million for rural areas defined as outside cities with populations over 50,000), with credits transferable to other taxpayers

Lowers the rehabilitation expenditure threshold by requiring only 50% of the building's adjusted basis be spent on rehabilitation, making more projects eligible for the credit

Eliminates the basis reduction requirement that currently reduces a building's depreciable basis by the amount of rehabilitation credit claimed

Modifies tax-exempt use property rules so that "disqualified lease" restrictions only apply to government entities, expanding eligibility for projects involving non-governmental tax-exempt organizations