Sign Up For Novogradac Industry Alert Emails

Bipartisan Group of Legislators Introduce REHAB Act of 2020

Tuesday, March 10, 2020 - 2:15PM

A bill introduced today, the Revitalizing Economies, Housing and Businesses (REHAB) Act of 2020, would create a rehabilitation tax credit of 15 percent to 25 percent for buildings that are more than 50 years old and are within a half-mile of a public transportation center. Reps. Earl Blumenauer, D-Ore., Mike Kelly, R-Pa., Darin LaHood, R-Ill., and Dan Kildee, D-Mich., introduced the bill, which is intended to work alongside the federal historic tax credit. The REHAB Act would reinstate the expired 10 percent credit for non-certified historic buildings as a 15 percent credit for properties placed in service at least 50 years earlier–a credit that could also be used for building expansion on the same block as a qualifying building. The legislation includes a 25 percent credit for rent-restricted housing that meets the other requirements and a 25 percent credit for expenses related to public infrastructure projects required by government. Blumenauer’s office also released a section-by-section summary of the bill.

Learn more about Novogradac's expertise and many services