118th Congress Taxation
S. 639: Historic Tax Credit Growth and Opportunity Act of 2023
Introduced
- Introduced (completed)
- Passed Senate (not reached)
- Passed House (not reached)
- To the President (not reached)
- Became law (not reached)
Summary
This bill increases the rehabilitation tax credit and modifies certain requirements for the credit.
The bill increases the rate of the credit to 30% for small projects (rehabilitation expenditures not exceeding $3.75 million) and caps the credit for such projects at $750,000 for all taxable years.
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 the eligibility of tax-exempt use property for the credit.
Written by the Congressional Research Service, Library of Congress.
Roll calls
No roll call votes have been held on this bill.
Amendments
No amendments were offered to this bill.
Cosponsors
- Maria Cantwell D-WAOriginal
- Susan Collins R-MEOriginal
- Bill Cassidy R-LAOriginal
- Amy Klobuchar D-MN
- Sheldon Whitehouse D-RI
- Cindy Hyde-Smith R-MS
- Roger Wicker R-MS
- Robert Casey D-PA
- Dianne Feinstein D-CA
- Peter Welch D-VT
- Sherrod Brown D-OH
- Angus King I-ME
- Jerry Moran R-KS
- John Boozman R-AR
- Michael Bennet D-CO
- Tina Smith D-MN
Who scored on this bill
- 1Benjamin Cardin SponsorDrew cross-party cosponsors, introduced2 events+6
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Other bills by Benjamin Cardin
- S. 3544: To designate the visitor and education center at Fort McHenry National Monument and Historic Shrine as the "Paul S. Sarbanes Visitor and Education Center"
- S. 5019: United States Representative Elijah E. Cummings Post Office Building (Baltimore, MD)
- S. 3854: International Freedom Protection Act
- S. 924: Chesapeake and Ohio Canal National Historical Park Commission Extension Act
- S. 1381: Coastal Habitat Conservation Act of 2023
- S. 2212: SBIC Advisory Committee Act of 2023
History
- Introduced in the Senate by Benjamin Cardin.
Show the full action history (2 actions)
- Introduced in Senate
- Read twice and referred to the Committee on Finance.