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Senate HTC Improvement Bill Introduced

Wednesday, March 9, 2016 - 3:45PM

Sens. Ben Cardin, D-Md., and Susan Collins, R-Maine, are expected to introduce today the Historic Tax Credit Improvement Act of 2015. Similar to the House version of the legislation (H.R. 3846), the Senate bill would increase the historic tax credit (HTC) for certain small projects; allow credit transfers for certain small projects; lowering the rehabilitation expenditure threshold to qualify for the HTC from 100 percent to 50 percent of adjusted basis; reduce depreciable basis adjustment for rehabilitation property; change how the federal government taxes state HTC proceeds; and modify certain tax-exempt use property rules. Unlike the House bill, the Senate version does not include a provision that would allow functionally related buildings to be treated as separate properties.

To learn more, tune in to the March 15 episode of the Tax Credit Tuesday podcast and visit the Notes from Novogradac blog.

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