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Q: SECTION 1. SHORT TITLE.

This Act may be cited as the ''Historic Homeownership
Revitalization Act of 2013''.

SEC. 2. HISTORIC HOME OWNERSHIP REHABILITATION CREDIT.

(a) In General.--Subpart A of part IV of subchapter A of chapter 1
of the Internal Revenue Code of 1986 (relating to nonrefundable
personal credits) is amended by inserting after section 25D the
following new section:

''SEC. 25E. HISTORIC HOME OWNERSHIP REHABILITATION CREDIT.

''(a) General Rule.--In the case of an individual, there shall be
allowed as a credit against the tax imposed by this chapter for the
taxable year an amount equal to 20 percent of the qualified
rehabilitation expenditures made by the taxpayer with respect to a
qualified historic home.
''(b) Dollar Limitation.--The credit allowed by subsection (a) with
respect to any residence of a taxpayer shall not exceed $60,000
($30,000 in the case of a married individual filing a separate return).
''(c) Qualified Rehabilitation Expenditure.--For purposes of this
section--
''(1) In general.--The term 'qualified rehabilitation
expenditure' means any amount properly chargeable to capital
account--
''(A) in connection with the certified
rehabilitation of a qualified historic home, and
''(B) for property for which depreciation would be
allowable under section 168 if the qualified historic
home were used in a trade or business.
''(2) Certain expenditures not included.--
''(A) Exterior.--Such term shall not include any
expenditure in connection with the rehabilitation of a
building unless at least 5 percent of the total
expenditures made in the rehabilitation process are
allocable to the rehabilitation of the exterior of such
building.
''(B) Other rules to apply.--Rules similar to the
rules of clauses (ii) and (iii) of section 47(c)(2)(B)
shall apply.
''(3) Mixed use or multifamily building.--If only a portion
of a building is used as the principal residence of the
taxpayer, only qualified rehabilitation expenditures which are
properly allocable to such portion shall be taken into account
under this section.
''(d) Certified Rehabilitation.--For purposes of this section--
''(1) In general.--The term 'certified rehabilitation' has
the meaning given such term by section 47(c)(2)(C).
''(2) Approved state program.--The term 'certified
rehabilitation' includes a certification made by--
''(A) a State Historic Preservation Officer who
administers a State Historic Preservation Program
approved by the Secretary of the Interior pursuant to
section 101(b)(1) of the National Historic Preservation
Act, or
''(B) a local government, certified pursuant to
section 101(c)(1) of the National Historic Preservation
Act and authorized by a State Historic Preservation
Officer, or the Secretary of the Interior where there
is no approved State program, subject to such terms and
conditions as may be specified by the Secretary of the
Interior for the rehabilitation of buildings within the
jurisdiction of such officer (or local government) for
purposes of this section.
''(e) Definitions and Special Rules.--For purposes of this
section--
''(1) Qualified historic home.--The term 'qualified
historic home' means a certified historic structure--
''(A) which has been substantially rehabilitated,
and
''(B) which (or any portion of which)--
''(i) is owned by the taxpayer, and
''(ii) is used (or will, within a
reasonable period, be used) by such taxpayer as
his principal residence.
''(2) Substantially rehabilitated.--The term 'substantially
rehabilitated' has the meaning given such term by section
47(c)(1)(C).
''(3) Principal residence.--The term 'principal residence'
has the same meaning as when used in section 121.
''(4) Certified historic structure.--The term 'certified
historic structure' means any building (and its structural
components) which--
''(A) is listed in the National Register, or
''(B) is located in a registered historic district
(as defined in section 47(c)(3)(B)) and is certified by
the Secretary of the Interior as being of historic
significance to the district.
''(5) Rehabilitation not complete before certification.--A
rehabilitation shall not be treated as complete before the date
of the certification referred to in subsection (d).
''(6) Tenant-stockholder in cooperative housing
corporation.--If the taxpayer holds stock as a tenant-
stockholder (as defined in section 216) in a cooperative
housing corporation (as defined in such section), such
stockholder shall be treated as owning the house or apartment
which the taxpayer is entitled to occupy as such stockholder.
''(7) Allocation of expenditures relating to exterior of
building containing cooperative or condominium units.--The
percentage of the total expenditures made in the rehabilitation
of a building containing cooperative or condominium residential
units allocated to the rehabilitation of the exterior of the
building shall be attributed proportionately to each
cooperative or condominium residential unit in such building
for which a credit under this section is claimed.
''(8) Carryback and carryforward of credit unused by reason
of limitation based on tax liability.--
''(A) In general.--If the credit allowable under
subsection (a) for any taxable year exceeds the tax
limit for such taxable year, such excess shall be a
carryback to the preceding taxable year and a
carryforward to each of the 3 succeeding taxable years
and, subject to the limitations of subparagraph (B),
shall be added to the credit allowable by subsection
(a) for such preceding or succeeding taxable year, as
the case may be.
''(B) Amount carried to each year.--Rules similar
to the rules of section 39(a)(2) shall apply for
purposes of this paragraph.
''(C) Limitation.--The amount of the unused credit
which may be taken into account under subparagraph (A)
for any taxable year shall not exceed the amount (if
any) by which the tax limit for such taxable year
exceeds the sum of--
''(i) the credit allowable under subsection
(a) for such taxable year determined without
regard to this paragraph, and
''(ii) the amounts which, by reason of this
paragraph, are carried to such taxable year and
are attributable to taxable years before the
unused credit year.
''(D) Tax limit.--For purposes of this paragraph,
the term 'tax limit' means the limitation imposed by
section 26(a) for the taxable year reduced by the sum
of the credits allowable under this subpart (other than
this section).
''(9) Credit may be assigned.--The amount of qualified
rehabilitation expenditures which would (but for this
paragraph) be taken into account under subsection (a) for any
taxable year by any person (hereafter in this paragraph
referred to as the 'initial taxpayer')--
''(A) may be taken into account by any other person
to whom such expenditures are assigned by the initial
taxpayer, and
''(B) shall not be taken to account by initial
taxpayer.
Any person to whom such expenditures are assigned under
subparagraph (A) shall be treated for purposes of this title as
the taxpayer with respect to such expenditures.
''(f) When Expenditures Taken Into Account.--In the case of a
building other than a building to which subsection (g) applies,
qualified rehabilitation expenditures shall be treated for purposes of
this section as made--
''(1) on the date the rehabilitation is completed, or
''(2) to the extent provided by the Secretary by
regulation, when such expenditures are properly chargeable to
capital account.
Regulations under paragraph (2) shall include a rule similar to the
rule under section 50(a)(2) (relating to recapture if property ceases
to qualify for progress expenditures).
''(g) Allowance of Credit for Purchase of Rehabilitated Historic
Home.--
''(1) In general.--In the case of a qualified purchased
historic home, the taxpayer shall be treated as having made (on
the date of purchase) the expenditures made by the seller of
such home. For purposes of the preceding sentence, expenditures
made by the seller shall be deemed to be qualified
rehabilitation expenditures if such expenditures, if made by
the purchaser, would be qualified rehabilitation expenditures.
''(2) Qualified purchased historic home.--For purposes of
this subsection, the term 'qualified purchased historic home'
means any substantially rehabilitated certified historic
structure purchased by the taxpayer if--
''(A) the taxpayer is the first purchaser of such
structure after the date rehabilitation is completed,
and the purchase occurs within 5 years after such date,
''(B) the structure (or a portion thereof) will,
within a reasonable period, be the principal residence
of the taxpayer,
''(C) no credit was allowed to the seller under
this section or section 47 with respect to such
rehabilitation, and
''(D) the taxpayer is furnished with such
information as the Secretary determines is necessary to
determine the credit under this subsection.
''(h) Recapture.--
''(1) In general.--If, before the end of the 5-year period
beginning on the date on which the rehabilitation of the
building is completed (or, if subsection (g) applies, the date
of purchase of such building by the taxpayer)--
''(A) the taxpayer disposes of such taxpayer's
interest in such building, or
''(B) such building ceases to be used as the
principal residence of the taxpayer or ceases to be a
certified historic structure, the taxpayer's tax
imposed by this chapter for the taxable year in which
such disposition or cessation occurs shall be increased
by the recapture percentage of the credit allowed under
this section for all prior taxable years with respect
to such rehabilitation.
''(2) Recapture percentage.--For purposes of paragraph (1),
the recapture percentage shall be determined in accordance with
the table under section 50(a)(1)(B), deeming such table to be
amended--
''(A) by striking 'If the property ceases to be
investment credit property within--' and inserting 'If
the disposition or cessation occurs within--', and
''(B) in clause (i) by striking 'One full year
after placed in service' and inserting 'One full year
after the taxpayer becomes entitled to the credit'.
''(3) Transfer between spouses or incident to divorce.--In
the case of any transfer described in subsection (a) of section
1041 (relating to transfers between spouses or incident to
divorce)--
''(A) the foregoing provisions of this subsection
shall not apply, and
''(B) the same tax treatment under this subsection
with respect to the transferred property shall apply to
the transferee as would have applied to the transferor.
''(i) Basis Adjustments.--For purposes of this subtitle, if a
credit is allowed under this section for any expenditure with respect
to any property (including any purchase under subsection (g)), the
increase in the basis of such property which would (but for this
subsection) result from such expenditure shall be reduced by the amount
of the credit so allowed.
''(j) Processing Fees.--Any State may impose a fee for the
processing of applications for the certification of any rehabilitation
under this section provided that the amount of such fee is used only to
defray expenses associated with the processing of such applications.
''(k) Denial of Double Benefit.--No credit shall be allowed under
this section for any amount for which credit is allowed under section
47.
''(l) Regulations.--The Secretary shall prescribe such regulations
as may be appropriate to carry out the purposes of this section,
including regulations where less than all of a building is used as a
principal residence and where more than 1 taxpayer use the same
dwelling unit as their principal residence.''.
(b) Conforming Amendments.--
(1)(A) Subparagraph (C) of section 25(e)(1) of such Code is
amended by inserting ''25E,'' after ''sections 25D,''.
(B) Section 25D(c) of such Code is amended by inserting
''and section 25E'' after ''(other than this section''.
(C) Section 1400C(d) of such Code is amended by striking
''section 25D'' and inserting ''sections 25D and 25E''.
(2) Subsection (a) of section 1016 of such Code is amended
by striking ''and'' at the end of paragraph (36), by striking
the period at the end of paragraph (37) and inserting '',
and'', and by adding at the end the following new item:
''(38) to the extent provided in section 25E(i).''.
(c) Clerical Amendment.--The table of sections for subpart A of
part IV of subchapter A of chapter 1 of such Code is amended by
inserting after the item relating to section 25D the following new
item:

''Sec. 25E. Historic home ownership rehabilitation credit.''.
(d) Effective Date.--The amendments made by this section shall
apply with respect to rehabilitations the physical work on which begins
after the date of enactment of this Act.

SEC. 3. EXPANSION OF INCENTIVES FOR BUILDING REHABILITATION.

(a) Increase in Rehabilitation Credit for Buildings in High Cost
Areas.--Paragraph (2) of subsection 47(c) of such Code (defining
qualified rehabilitation expenditures) is amended by adding at the end
the following new subparagraph:
''(E) Increase in credit for buildings in high cost
areas.--In the case of any qualified rehabilitated
building which is residential rental property (as
defined in subparagraph (D)) located in a qualified
census tract or difficult development area which is
designated for purposes of section 42(d)(5)(C), the
qualified rehabilitation expenditures taken into
account under this section shall be 130 percent of such
expenditures determined without regard to this
subparagraph.''.
(b) Rehabilitation Credit May Be Transferred.--
(1) In general.--Subsection (b) of section 47 of such Code
(relating to when expenditures taken into account) is amended
by adding at the end the following new paragraph:
''(3) Credit may be assigned.--The amount of qualified
rehabilitation expenditures with respect to property described
in which would (but for this paragraph) be taken into account
under subsection (a) for any taxable year by any person
(hereafter in this paragraph referred to as the 'initial
taxpayer')--
''(A) may be taken into account by any other person
to whom such expenditures are assigned by the initial
taxpayer, and
''(B) shall not be taken to account by initial
taxpayer.
Any person to whom such expenditures are assigned under
subparagraph (A) shall be treated for purposes of this title as
the taxpayer with respect to such expenditures.''.
(2) Conforming amendment.--The heading for such subsection
(b) is amended by inserting ''; Eligibility for Credit May Be
Assigned'' after ''Account''.
(c) Applicability to Buildings Held for Sale.--
(1) In general.--
(A) Clause (iv) of section 47(c)(1)(A) of such Code
is amended to read as follows:
''(iv) depreciation (or amortization in
lieu of depreciation)--
''(I) is allowable with respect to
such building, or
''(II) in the case of a residential
property, would be allowable with
respect to such building but for the
building being held for sale.''.
(B) Paragraph (2) of section 47(c) of such Code is
amended by adding at the end the following new
subparagraph:
''(E) Special rule for certain property held for
sale.--For purposes of this paragraph, in the case of a
qualified rehabilitated building described in paragraph
(1)(A)(iv)(II), such building shall be treated as owned
by the taxpayer as rental property with respect to
which the straight line depreciation method is used
over a recovery period determined under subsection (c)
or (g) of section 168.''.
(2) Conforming amendment.--Paragraph (4) of section 50(a)
of such Code is amended by striking ''or'' at the end of
subparagraph (A), but striking the period at the end of
subparagraph (B) and inserting '', or'', and by inserting after
subparagraph (B) the following new subparagraph:
''(C) property described in section
47(c)(1)(A)(iv)(II) that has not otherwise ceased to be
investment property.''.
(d) Effective Date.--The amendments made by this section shall
apply with respect to rehabilitations the physical work on which begins
after the date of enactment of this Act.
A:
Historic Homeownership Revitalization Act of 2013 - Amends the Internal Revenue Code to: (1) allow a new tax credit for 20% of rehabilitation expenditures for a historic home used as a principal residence, up to $60,000; and (2) increase the rehabilitation tax credit for residential rental property located in economically distressed areas with high construction costs.