H.R. 5299 — Introduced in House

I 113th CONGRESS 2d Session H. R. 5299 IN THE HOUSE OF REPRESENTATIVES July 30, 2014 Mr. Turner (for himself and Mr. Fattah) introduced the following bill; which was referred to the Committee on Ways and Means A BILL To amend the Internal Revenue Code of 1986 to allow an enhanced credit for the rehabilitation of buildings located in low-income communities. 1. Short title This Act may be cited as the Urban Core Revitalization Act. 2. Enhanced rehabilitation credit for buildings located in low-income communities (a) In general Subsection (a) of section 47 of the Internal Revenue Code of 1986 (relating to rehabilitation credit) is amended— (1) by striking structure, and in paragraph (1) and inserting structure and other than a building to which paragraph (2) applies,, and (2) by redesignating paragraph (2) as paragraph (3) and inserting after paragraph (1) the following new paragraph: (2) 15 percent of the qualified rehabilitation expenditures with respect to any qualified rehabilitated building (other than a certified historic structure) located in a low-income community, and . (b) Low-Income community buildings Section 47 of such Code is amended by adding at the end the following new subsection: (e) Low-Income community buildings For purposes of this section, the term low-income community has the meaning given to such term by section 45D(e), and the determination of whether a building is located in such a community shall be made as of the date that the physical work on the rehabilitation of the building begins. . (c) 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.