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Senators Introduce HTC-GO Act, Following Introduction of Legislation in House
Sens. Ben Cardin, D-Maryland, Bill Cassidy, R-Louisiana, Maria Cantwell, D-Washington, and Susan Collins, R-Maine, introduced S. 2266, the Historic Tax Credit Growth and Opportunity (HTC-GO) Act late this week. The text of the bill was not immediately available, but the legislation is identical to the 2019 version of the bill, which would provide an increase in the HTC percentage from 20% to 30% for the first $2.5 million of qualified rehabilitation expenditures for smaller projects; provide a drop in the substantial rehabilitation test threshold from 100% to 50% of the adjusted basis; eliminate the HTC basis adjustment, eliminate the Internal Revenue Code Section 50(d) income recognition requirement and more. In addition to the Senate bill provisions, the version of the bill introduced in the House of Representatives April 1 also includes a temporary increase in the HTC percentage from 20% to 30% for 2020-2024, with a gradual phasedown to 20%. The HTC-GO Act may be included in infrastructure legislation later this year.
The Novogradac Historic Rehabilitation Handbook provides an overview of the HTC and the intricacies of the incentive.