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Major tax credit boost for historic building rehabilitation and preservation.

This law enhances the Historic Tax Credit, making it easier and more financially rewarding for property owners and developers to restore historic structures. It introduces a higher 30% credit rate for smaller projects and eliminates a rule that previously required taxpayers to reduce the building's tax value by the credit amount, maximizing the financial incentive. These changes aim to spur more rehabilitation projects nationwide.
Key points
The tax credit increases from 20% to 30% for small historic rehabilitation projects (up to $3.75 million in costs).
The financial benefit is significantly increased by eliminating the requirement to reduce the building's tax basis when claiming the credit.
More historic buildings qualify for the credit due to a lower required investment threshold (now 50% of the adjusted basis).
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Expired
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Additional Information
Print number: 118_S_639
Sponsor: Sen. Cardin, Benjamin L. [D-MD]
Process start date: 2023-03-02
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Summarized by: gemini-flash-latest
Source data: api.congress.gov
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OFFICIAL LEGAL TITLE

Historic Tax Credit Growth and Opportunity Act of 2023

FREQUENTLY ASKED QUESTIONS

What is the official ID of this bill?

The official print number for this legislation is 118_S_639.

Which chamber initiated this legislation?

This legislation was initiated in the Senate.

When did the legislative process begin?

The process officially started on 2023-03-02.

What are the main provisions?

Key points include:

  • The tax credit increases from 20% to 30% for small historic rehabilitation projects (up to $3.75 million in costs).
  • The financial benefit is significantly increased by eliminating the requirement to reduce the building's tax basis when claiming the credit.
  • More historic buildings qualify for the credit due to a lower required investment threshold (now 50% of the adjusted basis).
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 Sen. Cardin, Benjamin L. [D-MD].

What is the latest detailed status?

The latest detailed status is: Introduced in Senate

Is this summary verified?

Yes. This content was analyzed by AI and verified by the Lustra Judge System on 2025-12-27.

CATEGORIES

Taxes Real Estate