A bill to amend the Internal Revenue Code of 1954 to encourage the preservation and rehabilitation of all structures of a historic nature.

Summary

Provides, under provisions of the Internal Revenue Code relating to itemized tax deductions, that every person, at his election, shall be entitled to a deduction with respect to the amortizable basis of any certified historic structure based on a period of 60 months. States that such amortization deduction shall be an amount equal to the amortizable basis at the end of each month divided by the number of months remaining in the period. Provides that a taxpayer who has elected to take the amortization deduction may, at any time after making such election, discontinue the amortization deduction with respect to the remainder of the amortization period. Prescribes the procedures for such termination. Defines the terms used in this Act, including "certified historic structure" and "certified rehabilitation".

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Documents

1 official file

• Introduced in House

  summary · EN · 24 April 1974

  Open at official source

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