What is the official ID of this bill?

The official print number for this legislation is S 639.

When did the legislative process begin?

The process officially started on 2023-03-02.

Where can I read the full text of this legislation?

The full official text is available at: https://www.congress.gov/118/bills/s639/BILLS-118s639is.htm

Is this summary verified?

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

Who is the primary sponsor?

The primary sponsor is Sen. Cardin, Benjamin L. [D-MD].

Which chamber initiated this legislation?

This legislation was initiated in the Senate.

What is the latest detailed status?

The latest detailed status is: Introduced in Senate

Analysis and Potential Impact of S 639

We don't know, that is up to you to decide. Summarizing raw data with AI is fundamentally different from predicting socio-economic outcomes. As of 2026, we believe impact assessment strictly requires a human in the loop to verify and judge. Review our public AI processing logs for full transparency, and use Lustra to track active legislation for instant status push notifications.

Major tax credit boost for historic building rehabilitation and preservation.

Q: 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).

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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Status:

Expired

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Additional Information

Historic Tax Credit Growth and Opportunity Act of 2023

Print number: 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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Major tax credit boost for historic building rehabilitation and preservation.

Key Questions about Major tax credit boost for historic building rehabilitation and preservation.