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118th Congress Taxation

H.R. 1785: Historic Tax Credit Growth and Opportunity Act of 2023

Introduced

  1. Introduced (completed)Mar 24, 2023
  2. Passed House (not reached)
  3. Passed Senate (not reached)
  4. To the President (not reached)
  5. Became law (not reached)

Summary

Introduced in House, Mar 24, 2023

This bill increases the rehabilitation tax credit and modifies certain requirements for the credit.

The bill increases the rate of the credit for qualified rehabilitation expenditures in taxable years beginning after December 31, 2020, and before January 1, 2028, after which the rate reverts to 20%.

The bill increases the rate of the credit to 30% for certain small projects whose qualified rehabilitation expenditures do not exceed $2.5 million.

Read the full summary

The bill also expands the types of buildings eligible for rehabilitation by decreasing the rehabilitation threshold from 100% to 50% of project expenses. It also eliminates the basis adjustment requirement for the credit and modifies rules relating to tax-exempt use property eligible for the credit.

Written by the Congressional Research Service, Library of Congress.

Roll calls

0 votes on this bill

No roll call votes have been held on this bill.

Amendments

0 offered

No amendments were offered to this bill.

Cosponsors

68

Bipartisan support.

Who scored on this bill

18 points earned
  1. 1Darin LaHood R-IL SponsorDrew cross-party cosponsors, introduced, reached a cosponsor milestone4 events+18
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Introductions and cosponsorships count toward weekly caps and show no points.

Other bills by Darin LaHood

History

  1. Mar 24, 2023Introduced in the House by Darin LaHood.
Show the full action history (2 actions)
  1. Mar 24, 2023Introduced in House
  2. Mar 24, 2023Referred to the House Committee on Ways and Means.