Enhanced Tax Credits for Historic Building Rehabilitation in Rural Areas.
This bill significantly increases tax incentives for investors and property owners restoring historic buildings outside major urban centers. The goal is to spur economic revitalization in rural communities and boost housing availability. Projects dedicated to creating affordable housing receive the highest benefit, qualifying for a 40% tax credit.
Key points
The rehabilitation tax credit for historic buildings in rural areas is increased to 30% of qualified expenditures.
Projects designated as affordable housing receive an enhanced credit of 40% of qualified expenditures.
The maximum amount of expenditures eligible for this enhanced credit is capped at $5 million per project.
For rural projects, investors no longer have to reduce the property's tax basis by the amount of the credit claimed, increasing the overall financial benefit.
The credit can be transferred (sold) to other taxpayers, making project financing easier.
Status:
Introduced
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