Blumenauer Introduces Legislation to Reinstate, Increase Non-Historic Credit
Rep. Earl Blumenauer, D-Oregon, this week reintroduced legislation to reinstate the non-historic historic rehabilitation tax credit (HTC) as a 15% credit. The Revitalizing Economies, Housing and Businesses (REHAB) Act of 2021 (H.R. 1483) would apply to rehabilitation expenses for buildings that are more than 50 years old, including adjacent properties on the same block, provided the property is within a half-mile of an existing or planned public transportation center. A bonus credit of 25% would be available for expenses related to affordable housing and public infrastructure. The non-historic 10% HTC was eliminated in tax reform legislation at the end of 2017. Blumenauer’s office also released a one-page summary of the legislation. Blumenauer introduced similar legislation in December 2019.
The Novogradac Introduction to Historic Tax Credits booklet is updated to include changes for the HTC from 2017 tax reform, including the requirement that the credit be taken “ratably” over five years.