United States · Bill · S
S. 639 (118th)
Historic Tax Credit Growth and Opportunity Act of 2023
Introduced
2 March 2023
Last action
2 March 2023 · Introduced
Status
Read twice and referred to the Committee on Finance.
Sponsors
Sen. Cardin, Benjamin L. [D-MD], Sen. Cassidy, Bill [R-LA], Sen. Cantwell, Maria [D-WA], Sen. Collins, Susan M. [R-ME], Sen. Klobuchar, Amy [D-MN], Sen. Whitehouse, Sheldon [D-RI], Sen. Hyde-Smith, Cindy [R-MS], Sen. Wicker, Roger F. [R-MS], Sen. Casey, Robert P., Jr. [D-PA], Sen. Feinstein, Dianne [D-CA], Sen. Welch, Peter [D-VT], Sen. Moran, Jerry [R-KS], Sen. King, Angus S., Jr. [I-ME], Sen. Brown, Sherrod [D-OH], Sen. Boozman, John [R-AR], Sen. Bennet, Michael F. [D-CO], Sen. Smith, Tina [D-MN]
Subjects
Taxation
Source updated
14 January 2025
Summary
Historic Tax Credit Growth and Opportunity Act of 2023 This bill increases the rehabilitation tax credit and modifies certain requirements for the credit. The bill increases the rate of the credit to 30% for small projects (rehabilitation expenditures not exceeding $3.75 million) and caps the credit for such projects at $750,000 for all taxable years. The bill also expands the types of buildings eligible for rehabilitation by decreasing the rehabilitation threshold from 100% to 50% of project expenses. It also eliminates the basis adjustment requirement for the credit and modifies rules relating to the eligibility of tax-exempt use property for the credit.
This text is taken from the official record. PoliticalRepo does not editorialize.
Timeline
2 March 2023
Introduced
Read twice and referred to the Committee on Finance.
Source: IntroReferral
2 March 2023
Introduced
Introduced in Senate
Source: IntroReferral
Votes
No vote records are attached yet.
Versions
- Introduced in Senate · 2 March 2023 · Download file
Documents
3 official files
Introduced in Senate (text)
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Introduced in Senate (text)
Introduced in Senate · EN · 2 March 2023
Introduced in Senate (PDF)
Introduced in Senate · EN · 2 March 2023
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Introduced in Senate
summary · EN · 2 March 2023
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Sponsors
- Sen. Cardin, Benjamin L. [D-MD] · D · Sponsor
- Sen. Cassidy, Bill [R-LA] · R · Sponsor
- Sen. Cantwell, Maria [D-WA] · D · Sponsor
- Sen. Collins, Susan M. [R-ME] · R · Sponsor
- Sen. Klobuchar, Amy [D-MN] · D · Cosponsor
- Sen. Whitehouse, Sheldon [D-RI] · D · Cosponsor
- Sen. Hyde-Smith, Cindy [R-MS] · R · Cosponsor
- Sen. Wicker, Roger F. [R-MS] · R · Cosponsor
- Sen. Casey, Robert P., Jr. [D-PA] · D · Cosponsor
- Sen. Feinstein, Dianne [D-CA] · D · Cosponsor
- Sen. Welch, Peter [D-VT] · D · Cosponsor
- Sen. Moran, Jerry [R-KS] · R · Cosponsor
- Sen. King, Angus S., Jr. [I-ME] · I · Cosponsor
- Sen. Brown, Sherrod [D-OH] · D · Cosponsor
- Sen. Boozman, John [R-AR] · R · Cosponsor
- Sen. Bennet, Michael F. [D-CO] · D · Cosponsor
- Sen. Smith, Tina [D-MN] · D · Cosponsor
- · ssfi00 · Standing
Related records
Sources
PoliticalRepo is an index and interpretation layer, not the authoritative legal source.
- Official source: https://www.congress.gov/bill/118th-congress/senate-bill/639
- Open data entity: https://api.congress.gov/v3/bill/118/s/639
- us · 118-s-639 · source updated 14 January 2025