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Tax Credit for Historic Building Renovation: One-Year Claim.

This proposed bill changes how tax credits for renovating historic buildings are claimed. Instead of spreading the credit over several years, it would allow the full amount to be claimed in a single tax year. This aims to simplify and speed up the process of recovering costs for investments in historic properties, potentially encouraging more renovations.
Key points
The tax credit for renovating certified historic structures can be claimed entirely in one taxable year.
These changes apply to expenses paid or incurred after December 31, 2023.
This could accelerate financial benefits for those investing in historic property rehabilitation.
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Expired
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Additional Information
Print number: 118_HR_5882
Sponsor: Rep. Carey, Mike [R-OH-15]
Process start date: 2023-10-25
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Summarized by: gemini-2.5-flash-preview-05-20
Source data: api.congress.gov
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OFFICIAL LEGAL TITLE

To amend the Internal Revenue Code of 1986 to modify the rehabilitation credit to allow such credit to be taken in one taxable year.

FREQUENTLY ASKED QUESTIONS

What is the official ID of this bill?

The official print number for this legislation is 118_HR_5882.

Which chamber initiated this legislation?

This legislation was initiated in the House of Representatives.

When did the legislative process begin?

The process officially started on 2023-10-25.

What are the main provisions?

Key points include:

  • The tax credit for renovating certified historic structures can be claimed entirely in one taxable year.
  • These changes apply to expenses paid or incurred after December 31, 2023.
  • This could accelerate financial benefits for those investing in historic property rehabilitation.
What is the specific legal status?

The current status is Expired.

Where can I read the full text of this legislation?

The full official text is available at: View full text

Who is the primary sponsor?

The primary sponsor is Rep. Carey, Mike [R-OH-15].

What is the latest detailed status?

The latest detailed status is: Referred to the House Committee on Ways and Means.

Is this summary verified?

Yes. This content was analyzed by AI and verified by the Lustra Judge System on 2025-12-25.

CATEGORIES

Taxes Real Estate