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US SB631
Bill
AI Summary
- Increases the rehabilitation tax credit for historic buildings in rural areas from the standard 20% to 30%, or to 40% if the project includes affordable housing
- Defines rural areas as locations outside cities with populations over 50,000 and their adjacent urbanized areas, based on Census Bureau data
- Caps qualified rehabilitation expenditures at $5,000,000 per applicable rural project
- Allows taxpayers to transfer the rural rehabilitation credit to other parties, with transferred amounts excluded from gross income and no deduction allowed for amounts paid by transferees
- Eliminates the basis adjustment requirement for rural rehabilitation credits and applies to property placed in service after December 31, 2025
Legislative Description
Rural Historic Tax Credit Improvement Act
Taxation
Last Action
Read twice and referred to the Committee on Finance.
2/19/2025
Committee Referrals
Finance2/19/2025
Full Bill Text
No bill text available