Increased Tax Credits for Historic Building and Affordable Housing Renovation in Rural Areas.
The bill amends the tax code to enhance rehabilitation credits for qualified buildings in rural areas. The highest support (40% of qualified expenditures) is designated for affordable housing projects, while other rural projects will receive 30%. The legislation also allows taxpayers to transfer (sell) these credits to other entities and introduces a recapture mechanism if affordable housing requirements are violated.
Key points
The tax credit for renovating qualified buildings in rural areas is set at 30% of qualified expenditures (for projects other than affordable housing).
Rural projects that are affordable housing projects (for households with incomes not exceeding 60% of the median) will receive a credit of 40% of qualified expenditures.
Taxpayers may transfer (sell) all or a portion of this tax credit to another taxpayer.
Recapture rules are introduced (increasing tax by 100% of the credit decrease) if an affordable housing project fails to meet requirements during the recapture period.
Status:
Expired
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