Historic Tax Credit: Increased Support and Simplification for Building Renovations
This act modifies tax credits for individuals and businesses renovating historic buildings. It increases available credits, especially for smaller projects, and simplifies the rules for obtaining them. The goal is to encourage the restoration of old properties, potentially improving urban landscapes and access to historic sites.
Key points
Increases the historic rehabilitation tax credit to 30% for expenditures incurred until the end of 2024, gradually decreasing to 20% after 2026.
Introduces a special, higher 30% credit for small rehabilitation projects with costs not exceeding $2.5 million.
Simplifies obtaining the credit by eliminating the requirement to reduce the building's basis by the credit amount, potentially lowering initial costs for investors.
Modifies the definition of 'substantially rehabilitated' to potentially qualify more projects for the credit.
Expired
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