To amend the Internal Revenue Code of 1986 to modify the rehabilitation credit to allow such credit to be taken in one taxable year.

Bill: 118-hr-5882
Sponsor: full_name: Rep. Carey, Mike [R-OH-15]
Introduced: 2023-10-03
Policy area: Taxation
Latest action: action_date: 2023-10-25
text: Referred to the House Committee on Ways and Means.

Summaries:
action_date: 2023-10-03
action_desc: Introduced in House
text: <p>This bill allows the full amount of the 20% rehabilitation tax credit to be taken in one taxable year (currently, spread over five years).</p>

tv_txt: I 118th CONGRESS 1st Session H. R. 5882 IN THE HOUSE OF REPRESENTATIVES October 3, 2023 Mr. Carey (for himself and Mr. Schneider ) introduced the following bill October 25, 2023 Referred to the Committee on Ways and Means A BILL To amend the Internal Revenue Code of 1986 to modify the rehabilitation credit to allow such credit to be taken in one taxable year.

1. Reinstatement of one-year rehabilitation credit (a) In general Section 47(a) of the Internal Revenue Code of 1986 is amended to read as follows: (a) General rule For purposes of section 46, the rehabilitation credit for any taxable year is 20 percent of the qualified rehabilitation expenditures with respect to any certified historic structure. . (b) Effective date The amendments made by this section shall apply to amounts paid or incurred after December 31, 2023.