S 5607
Rural Historic Tax Credit Improvement Act
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- Passed Senate
- Passed House
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- Became Law
Bill overview
This bill, the Rural Historic Tax Credit Improvement Act, aims to expand and enhance the existing rehabilitation tax credit for buildings located in rural areas. It increases the percentage of rehabilitation expenses that can be claimed as a credit, with a higher percentage (40%) for affordable housing projects and a lower percentage (30%) for others. The bill also establishes specific criteria for defining ‘rural area’ and ‘affordable housing,’ introduces a transferability mechanism for the credit, and includes provisions for penalties if affordable housing requirements aren’t met. Finally, it adjusts certain aspects of the tax code to align with these changes, effective December 31, 2024.
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