Federal HTC Legislation: 2009-2010

Enacted Legislation

 

Introduced Legislation

Amend Tax-Exempt Use Exception

S. 2970, To allow rehabilitation expenditures for public school buildings to qualify for rehabilitation credit
Introduced January 29, 2010 by Sens. Jim Webb and Mark Warner

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Fact Sheet: The Rehabilitation of Historic Schools Act of 2010

H.R. 4133, To exempt public school rehabilitation from the tax-exempt use exception to the rehabilitation credit
Introduced November 19, 2009 by Rep. Eric Cantor

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To allow HTC to be used more effectively with LIHTC

H.R. 3715 Community Restoration and Rehabilitation Act of 2009
Introduced October 1, 2009 by Rep. Allyson Schwartz
Amends the Internal Revenue Code to: (1) Increase the historic tax credit from 20 percent to 30 percent for small projects with up to $5 million in qualified rehabilitation expenditures; (2) Permit the 10 percent non-historic credit for older buildings to be used for rehabilitating residential rental property; (3) Change the definition of “older building” to include any building “50 years or older;” (4) Allow tax-exempt tenants to occupy buildings that use the historic tax credits; (5) Boost the historic tax credit an additional $2 dollars to $5 dollars per square foot depending on a range of energy savings starting at 30 percent and graduating up to 50 percent. Building owners could receive partial credit; (6) Allow the transfer of historic tax credits to another taxpayer for projects less than $5 million in qualified rehabilitation costs; (7) Allow an owner to claim the historic tax credit if the rehabilitation cost exceeds 50 percent and not 100 percent of the basis; (8) Specify that proceeds from the sale of state historic tax credits should not be considered income for federal income tax purposes.

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S. 1743 Community Restoration and Rehabilitation Act of 2009
Introduced October 1, 2009 by Sen. Blanche Lincoln
Amends the Internal Revenue Code to: (1) Increase the historic tax credit from 20 percent to 30 percent for small projects with up to $5 million in qualified rehabilitation expenditures; (2) Permit the 10 percent non-historic credit for older buildings to be used for rehabilitating residential rental property; (3) Change the definition of “older building” to include any building “50 years or older;” (4) Allow tax-exempt tenants to occupy buildings that use the historic tax credits; (5) Boost the historic tax credit an additional $2 dollars to $5 dollars per square foot depending on a range of energy savings starting at 30 percent and graduating up to 50 percent. Building owners could receive partial credit; (6) Allow the transfer of historic tax credits to another taxpayer for projects less than $5 million in qualified rehabilitation costs; (7) Allow an owner to claim the historic tax credit if the rehabilitation cost exceeds 50 percent and not 100 percent of the basis; (8) Specify that proceeds from the sale of state historic tax credits should not be considered income for federal income tax purposes.

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H.R. 1043 Community Restoration and Rehabilitation Act of 2007
Introduced February 14, 2007 by Rep. Stephanie Tubbs Jones
Amends the Internal Revenue Code to: (1) allow an increased rehabilitation tax credit for certain low-income buildings; (2) allow a basis reduction adjustment for property eligible for the credit; (3) increase the credit for certain smaller buildings; (4) allow property eligible for the credit to be used for lodging purposes; (5) modify placed-in-service rules for credit property; (6) modify qualification rules for credit property that is tax-exempt use property; (7) increase the credit for buildings in high cost areas; and (8) exempt certain condominium transactions from rehabilitation tax credit recapture requirements.

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S. 584 Community Restoration and Revitalization Act of 2007
Introduced February 14, 2007 by Sen. Blanche Lincoln
Amends the Internal Revenue Code to: (1) allow an increased rehabilitation tax credit for certain low-income buildings; (2) allow a basis reduction adjustment for property eligible for the credit; (3) increase the credit for certain smaller buildings; (4) allow property eligible for the credit to be used for lodging purposes; (5) modify placed-in-service rules for credit property; (6) modify qualification rules for credit property that is tax-exempt use property; (7) increase the credit for buildings in high cost areas; and (8) exempt certain condominium transactions from rehabilitation tax credit recapture requirements.

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