US Congress Senate Bill 2615 (Prior Session Legislation)

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Spectrum: Bipartisan Bill
Status: Introduced on October 16 2019 - 25% progression, died in committee
Action: 2019-10-16 - Read twice and referred to the Committee on Finance.
Pending: Senate Finance Committee
Text: Latest bill text (Introduced) [PDF]

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.

Historic Tax Credit Growth and Opportunity Act of 2019

Sen. Bill Cassidy [R-LA]	Sen. Benjamin Cardin [D-MD]	Sen. Susan Collins [R-ME]	Sen. Maria Cantwell [D-WA]
Sen. Sheldon Whitehouse [D-RI]	Sen. Jerry Moran [R-KS]	Sen. Roy Blunt [R-MO]	Sen. Mark Warner [D-VA]
Sen. Sherrod Brown [D-OH]	Sen. Jack Reed [D-RI]	Sen. Tammy Duckworth [D-IL]	Sen. Roger Wicker [R-MS]
Sen. Cindy Hyde-Smith [R-MS]

Date	Chamber	Action
2019-10-16	Senate	Read twice and referred to the Committee on Finance.

HB2825 (Related) 2019-05-17 - Referred to the House Committee on Ways and Means.

Type	Source
Summary	https://www.congress.gov/bill/116th-congress/senate-bill/2615/all-info
Text	https://www.congress.gov/116/bills/s2615/BILLS-116s2615is.pdf