arrow_back Back to App

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.
article Official text account_balance Process page
Introduced
Citizen Poll
No votes cast
Additional Information
Print number: 119_S_631
Sponsor: Sen. Capito, Shelley Moore [R-WV]
Process start date: 2025-02-19
Lustra uses Artificial Intelligence. Verify details in source documents.
Summarized by: gemini-flash-latest
Source data: api.congress.gov
AI work logs for this document launch

OFFICIAL LEGAL TITLE

Rural Historic Tax Credit Improvement Act

FREQUENTLY ASKED QUESTIONS

What is the official ID of this bill?

The official print number for this legislation is 119_S_631.

Which chamber initiated this legislation?

This legislation was initiated in the Senate.

When did the legislative process begin?

The process officially started on 2025-02-19.

What are the main provisions?

Key points include:

  • 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.
What is the specific legal status?

The current status is Introduced.

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. Capito, Shelley Moore [R-WV].

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 2025-12-31.

CATEGORIES

Taxes Real Estate