Historic Downtown Preservation and Access Act

Bill: 114-s-932
Sponsor: full_name: Sen. Leahy, Patrick J. [D-VT]
Introduced: 2015-04-14
Policy area: Taxation
Subjects: Building construction

Fires

Historic sites and heritage areas

Income tax credits
Latest action: action_date: 2015-04-14
text: Read twice and referred to the Committee on Finance. (Sponsor introductory remarks on measure:CR S2174-2175)

Summaries:
action_date: 2015-04-14
action_desc: Introduced in Senate
text: <p><strong>Historic Downtown Preservation and Access Act </strong></p> <p> Amends the Internal Revenue Code to allow a refundable tax credit for 50% of the cost of installing an elevator system or a sprinkler system in a certified historic structure. Limits the total amount of such credit to $50,000 in any taxable year. </p>

tv_txt: II 114th CONGRESS 1st Session S. 932 IN THE SENATE OF THE UNITED STATES April 14, 2015 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 provide a refundable tax credit for the installation of sprinklers and elevators in historic structures.

1. Short title This Act may be cited as the Historic Downtown Preservation and Access Act . 2. Credit for installation of sprinklers and elevators in historic buildings (a) In general 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: 36C. Historic building expenses (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) Conforming amendments (1) Section 1324 of title 31, United States Code, is amended by inserting , 36C 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 item: Sec. 36C. Historic building expenses. . (c) 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.