HTC Hot Topics
Hot Topics :
Coordinating HTC with LIHTC
Legislation
H.R. 3715 Community Restoration and Rehabilitation Act of 2009
Introduced October 1, 2009 by Rep. Allyson Schwartz
Amends the Internal Revenue Code to: (1) Increase the historic tax credit from 20 percent to 30 percent for small projects with up to $5 million in qualified rehabilitation expenditures; (2) Permit the 10 percent non-historic credit for older buildings to be used for rehabilitating residential rental property; (3) Change the definition of “older building” to include any building “50 years or older;” (4) Allow tax-exempt tenants to occupy buildings that use the historic tax credits; (5) Boost the historic tax credit an additional $2 dollars to $5 dollars per square foot depending on a range of energy savings starting at 30 percent and graduating up to 50 percent. Building owners could receive partial credit; (6) Allow the transfer of historic tax credits to another taxpayer for projects less than $5 million in qualified rehabilitation costs; (7) Allow an owner to claim the historic tax credit if the rehabilitation cost exceeds 50 percent and not 100 percent of the basis; (8) Specify that proceeds from the sale of state historic tax credits should not be considered income for federal income tax purposes.
S. 1743 Community Restoration and Rehabilitation Act of 2009
Introduced October 1, 2009 by Sen. Blanche Lincoln
Amends the Internal Revenue Code to: (1) Increase the historic tax credit from 20 percent to 30 percent for small projects with up to $5 million in qualified rehabilitation expenditures; (2) Permit the 10 percent non-historic credit for older buildings to be used for rehabilitating residential rental property; (3) Change the definition of “older building” to include any building “50 years or older;” (4) Allow tax-exempt tenants to occupy buildings that use the historic tax credits; (5) Boost the historic tax credit an additional $2 dollars to $5 dollars per square foot depending on a range of energy savings starting at 30 percent and graduating up to 50 percent. Building owners could receive partial credit; (6) Allow the transfer of historic tax credits to another taxpayer for projects less than $5 million in qualified rehabilitation costs; (7) Allow an owner to claim the historic tax credit if the rehabilitation cost exceeds 50 percent and not 100 percent of the basis; (8) Specify that proceeds from the sale of state historic tax credits should not be considered income for federal income tax purposes.
Reports, Letters and Testimony
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