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HTC Improvement Bill Introduced

Thursday, October 29, 2015 - 3:30PM

Rep. Mike Kelly, R-Pa., yesterday introduced the Historic Tax Credit Improvement Act of 2015 (H.R. 3846). The legislation would increase the historic tax credit (HTC) for certain small projects; allow credit transfers for certain small projects; increase the type of buildings eligible for rehabilitation; reduce depreciable basis adjustment for rehabilitation property; change how the federal government taxes state HTC proceeds; modify certain tax-exempt use property rules; and eliminate the concept of functionally related buildings. Original cosponsors include Reps. Earl Blumenauer, D-Ore.; Pat Tiberi, R-Ohio; Richard Neal, D-Mass.; Charles Boustany, R-La.; John Larson , D-Conn.; Mike Turner, R-Ohio; Ron Kind, D-Wis.; Charles Rangel, D-N.Y.; and Tom Reed, R-N.Y. Similar legislation is expected to be introduced in the Senate next week.

Read more about the legislation on the Notes from Novogradac blog.

 

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