Historic Tax Credit Improvement Act Introduced in House, Senate
Six senators today introduced the Historic Tax Credit Improvement Act of 2017, while several members of the House of Representatives were prepared to introduce a companion bill in their chamber. Sens. Ben Cardin, D-Md., Susan Collins, R-Maine, Thad Cochran, R-Miss., Kirsten Gillibrand, D-N.Y., Roger Wicker, R-Miss., and Patrick Leahy, D-Vt., were among the original cosponsors of S. 425. The bill would increase the historic tax credit (HTC) for certain small projects, allow credit transfers for certain small projects, lower the expenditure threshold to qualify for the HTC from 100 percent to 50 percent of the adjusted basis, reduce the depreciable basis adjustment for HTC property, and modify certain tax-exempt property rules.