Title: Historic Downtown Preservation and Access Act
Policy area: Taxation

Summary:
Historic Downtown Preservation and Access Act
This bill amends the Internal Revenue Code to allow refundable tax credits for 50% of the expenses paid or incurred by the taxpayer during the year for: (1) installing an elevator or a sprinkler system in a certified historic structure, and (2) hazardous substance (lead paint, radon, and asbestos) abatement services with respect to a certified historic structure. The amount of each of the two credits, with respect to any taxpayer, may not exceed $50,000 per year.

[Congressional Bills 115th Congress]
[From the U.S. Government Publishing Office]
[S. 1306 Introduced in Senate (IS)]

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115th CONGRESS
  1st Session
                                S. 1306

To amend the Internal Revenue Code of 1986 to establish refundable tax 
 credits for expenses relating to ensuring safety and accessibility in 
                          historic structures.


_______________________________________________________________________


                   IN THE SENATE OF THE UNITED STATES

                              June 7, 2017

   Mr. Leahy introduced the following bill; which was read twice and 
                  referred to the Committee on Finance

_______________________________________________________________________

                                 A BILL


 
To amend the Internal Revenue Code of 1986 to establish refundable tax 
 credits for expenses relating to ensuring safety and accessibility in 
                          historic structures.

    Be it enacted by the Senate and House of Representatives of the 
United States of America in Congress assembled,

SECTION 1. SHORT TITLE.

    This Act may be cited as the ``Historic Downtown Preservation and 
Access Act''.

SEC. 2. CREDITS FOR EXPENSES RELATED TO ENSURING SAFETY AND 
              ACCESSIBILITY IN HISTORIC BUILDINGS.

    (a) Credit for Installation of Sprinklers and Elevators in Historic 
Buildings.--Subpart C of part IV of subchapter A of chapter 1 of the 
Internal Revenue Code of 1986 is amended by inserting after section 36B 
the following new section:

``SEC. 36C. ACCESSIBILITY AND FIRE PREVENTION EXPENSES FOR HISTORIC 
              BUILDINGS.

    ``(a) In General.--There shall be allowed a credit against the tax 
imposed by this subtitle for the taxable year an amount equal to 50 
percent of the qualified historic building expenses paid or incurred by 
the taxpayer during such taxable year.
    ``(b) Limitation.--The credit allowed under subsection (a) with 
respect to any taxpayer for any taxable year shall not exceed $50,000.
    ``(c) Qualified Historic Building Expenses.--For purposes of this 
section--
            ``(1) In general.--The term `qualified historic building 
        expenses' means amounts paid or incurred to install in a 
        certified historic structure an elevator system or a sprinkler 
        system that meets the requirements found in the most recent 
        edition of NFPA 13: Standard for the Installation of Sprinkler 
        Systems.
            ``(2) National historic landmarks.--In the case of a 
        certified historic structure that is designated as a National 
        Historic Landmark in accordance with section 101(a) of the 
        National Historic Preservation Act (16 U.S.C. 470a(a)) and that 
        is open to the public, the term `qualified historic building 
        expenses' shall not include an expense described in paragraph 
        (1), unless the installation of property described in such 
        paragraph meets the requirements for a certified rehabilitation 
        under section 47(c)(2)(C).
            ``(3) Certified historic structure.--The term `certified 
        historic structure' has the meaning given such term in section 
        47(c)(3), except that such term shall not include any structure 
        which is a single-family residence.''.
    (b) Credit for Abatement of Hazardous Substances in Historic 
Buildings.--Subpart C of part IV of subchapter A of chapter 1 of the 
Internal Revenue Code of 1986, as amended by subsection (a), is amended 
by inserting after section 36C the following new section:

``SEC. 36D. ABATEMENT OF HAZARDOUS SUBSTANCES IN HISTORIC BUILDINGS.

    ``(a) In General.--There shall be allowed a credit against the tax 
imposed by this subtitle for the taxable year an amount equal to the 
hazardous substance abatement expenses paid or incurred by the taxpayer 
during such taxable year.
    ``(b) Limitation.--The credit allowed under subsection (a) with 
respect to any taxpayer for any taxable year shall not exceed $50,000.
    ``(c) Hazardous Substance Abatement Expenses.--
            ``(1) In general.--For purposes of this section, the term 
        `hazardous substance abatement expenses' means amounts paid or 
        incurred for any--
                    ``(A) lead paint abatement services,
                    ``(B) radon abatement services, and
                    ``(C) asbestos abatement services,
        with respect to a certified historic structure.
            ``(2) National historic landmarks.--In the case of a 
        certified historic structure that is designated as a National 
        Historic Landmark in accordance with section 101(a) of the 
        National Historic Preservation Act (16 U.S.C. 470a(a)) and that 
        is open to the public, the term `hazardous substance abatement 
        expenses' shall not include an expense described in paragraph 
        (1), unless the services described in such paragraph meet the 
        requirements for a certified rehabilitation under section 
        47(c)(2)(C).
            ``(3) Certified historic structure.--The term `certified 
        historic structure' has the same meaning given such term in 
        section 36C(c)(3).
    ``(d) Lead Paint Abatement Services.--
            ``(1) In general.--Subject to paragraph (2), the term `lead 
        paint abatement services' means--
                    ``(A) any lead paint abatement measures performed 
                by a certified lead abatement supervisor, including the 
                removal of paint and dust, the permanent enclosure or 
                encapsulation of lead-based paint, the replacement of 
                painted surfaces, windows, or fixtures, or the removal 
                or permanent covering of soil when lead-based paint 
                hazards are present in such paint, dust, or soil, and
                    ``(B) any preparation, cleanup, disposal, and 
                clearance testing activities associated with the lead 
                paint abatement measures which are performed by a 
                certified lead abatement supervisor, those working 
                under the supervision of such supervisor, or a 
                qualified contractor.
            ``(2) Limitation.--The term `lead paint abatement services' 
        shall not include any services to the extent such services are 
        funded by any grant, contract, or otherwise by another person 
        or any governmental agency.
            ``(3) Documentation required.--No credit shall be allowed 
        under subsection (a) with respect to any lead paint abatement 
        services for a certified historic structure for any taxable 
        year unless--
                    ``(A) after such services are complete, a certified 
                inspector or certified risk assessor provides written 
                documentation to the taxpayer that includes--
                            ``(i) evidence that the certified historic 
                        structure meets lead hazard evaluation criteria 
                        established by the Environmental Protection 
                        Agency or under an authorized State or local 
                        program, and
                            ``(ii) documentation showing that the lead 
                        paint abatement services meet the requirements 
                        of this section, and
                    ``(B) the taxpayer files with the appropriate State 
                agency and attaches to the tax return for the taxable 
                year--
                            ``(i) the documentation described in 
                        subparagraph (A), and
                            ``(ii) documentation of the amounts paid or 
                        incurred for lead paint abatement services 
                        during the taxable year with respect to the 
                        certified historic structure.
            ``(4) Definitions.--
                    ``(A) Certified lead abatement supervisor.--The 
                term `certified lead abatement supervisor' means an 
                individual certified by the Environmental Protection 
                Agency pursuant to section 745.226 of title 40, Code of 
                Federal Regulations, or an appropriate State agency 
                pursuant to section 745.325 of title 40, Code of 
                Federal Regulations.
                    ``(B) Certified inspector.--The term `certified 
                inspector' means an inspector certified by the 
                Environmental Protection Agency pursuant to section 
                745.226 of title 40, Code of Federal Regulations, or an 
                appropriate State agency pursuant to section 745.325 of 
                title 40, Code of Federal Regulations.
                    ``(C) Certified risk assessor.--The term `certified 
                risk assessor' means a risk assessor certified by the 
                Environmental Protection Agency pursuant to section 
                745.226 of title 40, Code of Federal Regulations, or an 
                appropriate State agency pursuant to section 745.325 of 
                title 40, Code of Federal Regulations.
                    ``(D) Lead-based paint hazard.--The term `lead-
                based paint hazard' has the meaning given such term by 
                section 745.63 of title 40, Code of Federal 
                Regulations.
                    ``(E) Qualified contractor.--The term `qualified 
                contractor' means a Lead-Safe Certified Firm or 
                certified renovator under the Lead Renovation, Repair 
                and Painting Program of the Environmental Protection 
                Agency.
    ``(e) Radon Abatement Services.--
            ``(1) In general.--Subject to paragraph (2), the term 
        `radon abatement services' means, in the case of a certified 
        historic structure for which the indoor radon level is greater 
        than 2 picocuries per liter of air, any radon abatement 
        services performed by a qualified radon mitigation 
        professional.
            ``(2) Limitation.--The term `radon abatement services' 
        shall not include any services to the extent such services are 
        funded by any grant, contract, or otherwise by another person 
        or any governmental agency.
            ``(3) Documentation required.--No credit shall be allowed 
        under subsection (a) with respect to any radon abatement 
        services for a certified historic structure for any taxable 
        year unless--
                    ``(A) after such services are complete, a qualified 
                radon measurement professional provides written 
                documentation to the taxpayer that includes--
                            ``(i) evidence that the certified historic 
                        structure meets radon hazard evaluation 
                        criteria established under an authorized State 
                        or local program, and
                            ``(ii) documentation showing that the radon 
                        abatement services meet the requirements of 
                        this section, and
                    ``(B) the taxpayer files with the appropriate State 
                agency and attaches to the tax return for the taxable 
                year--
                            ``(i) the documentation described in 
                        subparagraph (A), and
                            ``(ii) documentation of the amounts paid or 
                        incurred for radon abatement services during 
                        the taxable year with respect to the certified 
                        historic structure.
            ``(4) Definitions.--
                    ``(A) Qualified radon measurement professional.--
                The term `qualified radon measurement professional' 
                means an individual who has demonstrated the minimum 
                degree of appropriate technical knowledge and skills 
                specific to radon measurement in conformance with the 
                requirements of--
                            ``(i) a certification standard promulgated 
                        by the American National Standards Institute or 
                        International Organization for Standardization,
                            ``(ii) a State, local or other governmental 
                        licensing (or equivalent) program, or
                            ``(iii) any other recognized or accredited 
                        certification process as determined by the 
                        Secretary.
                    ``(B) Qualified radon mitigation professional.--The 
                term `qualified radon mitigation professional' means an 
                individual who has demonstrated the minimum degree of 
                appropriate technical knowledge and skills specific to 
                radon mitigation in conformance with the requirements 
                of--
                            ``(i) a certification standard promulgated 
                        by the American National Standards Institute or 
                        International Organization for Standardization,
                            ``(ii) a State, local or other governmental 
                        licensing (or equivalent) program, or
                            ``(iii) any other recognized or accredited 
                        certification process as determined by the 
                        Secretary.
                    ``(C) Radon.--The term `radon' has the meaning 
                given the term in section 302 of the Toxic Substances 
                Control Act (15 U.S.C. 2662).
    ``(f) Asbestos Abatement Services.--
            ``(1) In general.--Subject to paragraph (2), the term 
        `asbestos abatement services' means--
                    ``(A) any asbestos abatement measures performed by 
                an accredited asbestos abatement contractor or 
                supervisor,
                    ``(B) any interim asbestos control measures to 
                reduce exposure or likely exposure to asbestos hazards, 
                but only if such measures are evaluated and completed 
                by an accredited asbestos abatement contractor or 
                supervisor using accepted methods, are conducted by an 
                accredited asbestos abatement contractor or supervisor, 
                and have an expected useful life of more than 10 years, 
                and
                    ``(C) any preparation, cleanup, disposal, and 
                clearance testing activities associated with the 
                asbestos abatement measures or interim asbestos control 
                measures which are performed by an accredited asbestos 
                abatement contractor or supervisor, or those working 
                under the supervision of such supervisor.
            ``(2) Limitation.--The term `asbestos abatement services' 
        shall not include any services to the extent such services are 
        funded by any grant, contract, or otherwise by another person 
        or any governmental agency.
            ``(3) Documentation required.--No credit shall be allowed 
        under subsection (a) with respect to any asbestos abatement 
        services for a certified historic structure for any taxable 
        year unless--
                    ``(A) after such services are complete, an 
                accredited asbestos inspector provides written 
                documentation to the taxpayer that includes--
                            ``(i) evidence that the certified historic 
                        structure meets asbestos hazard evaluation 
                        criteria established under an authorized State 
                        or local program, and
                            ``(ii) documentation showing that the 
                        asbestos abatement services meet the 
                        requirements of this section, and
                    ``(B) the taxpayer files with the appropriate State 
                agency and attaches to the tax return for the taxable 
                year--
                            ``(i) the documentation described in 
                        subparagraph (A), and
                            ``(ii) documentation of the amounts paid or 
                        incurred for asbestos abatement services during 
                        the taxable year with respect to the certified 
                        historic structure.
            ``(4) Definitions.--
                    ``(A) Accredited asbestos abatement contractor or 
                supervisor.--The term `accredited asbestos abatement 
                contractor or supervisor' means any person accredited 
                as a contractor or supervisor under the Asbestos Model 
                Accreditation Plan of the Environmental Protection 
                Agency.
                    ``(B) Accredited asbestos inspector.--The term 
                `accredited asbestos inspector' means any person 
                accredited as an inspector under the Asbestos Model 
                Accreditation Plan of the Environmental Protection 
                Agency.
                    ``(C) Asbestos.--The term `asbestos' has the 
                meaning given the term in section 202 of the Toxic 
                Substances Control Act (15 U.S.C. 2642).
                    ``(D) Asbestos hazard.--The term `asbestos hazard' 
                has the meaning given the term `imminent hazard to the 
                health and safety' in section 11 of the Asbestos School 
                Hazard Detection and Control Act of 1980 (20 U.S.C. 
                3610).
    ``(g) Special Rules.--
            ``(1) Basis reduction.--The basis of any property for which 
        a credit is allowable under subsection (a) shall be reduced by 
        the amount of such credit.
            ``(2) No double benefit.--Any deduction allowable for costs 
        taken into account in computing the amount of the credit for 
        qualified abatement expenses shall be reduced by the amount of 
        such credit attributable to such costs.''.
    (c) Conforming Amendments.--
            (1) Section 1324 of title 31, United States Code, is 
        amended by inserting ``, 36C, 36D'' after ``, 36B''.
            (2) The table of sections for subpart C of part IV of 
        subchapter A of chapter 1 of the Internal Revenue Code of 1986 
        is amended by inserting after the item relating to section 36B 
        the following new items:

``Sec. 36C. Accessibility and fire prevention expenses for historic 
                            buildings.
``Sec. 36D. Abatement of hazardous substances in historic buildings.''.
    (d) Effective Date.--The amendments made by this section shall 
apply to amounts paid or incurred in taxable years beginning after the 
date of the enactment of this Act.
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