,i #aae? ,,congress #a/ ,session ,h4 ,r4 #aaeh ,,9 ,,! ,,h\se ,,( ,,repres5tatives ,febru>y #af1 #bjag,mr4 ,kelly ( ,p5nsylvania 7= himself1 ,mr4 ,blum5au]1 ,mr4 ,palazzo1 ,mr4 ,?ompson ( ,mississippi1 ,mr4 ,ri*mond1 ,ms4 ,sewell ( ,alabama1 ,mr4 ,h>p]1 ,mr4 ,meehan1 ,mr4 ,turn]1 ,mr4 ,rei*]t1 ,mr4 ,sessions1 ,mr4 ,k9d1 ,mr4 ,byrne1 ,ms4 ,tsongas1 ,mr4 ,mc,govern1 ,ms4 ,del,bene1 ,ms4 ,norton1 & ,mr4 ,tib]i7 introduc$ ! foll[+ bill2 :i* 0 ref]r$ to ! ,committee on ,ways & ,means ,a ,,bill ,to am5d ! ,int]nal ,rev5ue ,code ( #aihf to improve ! ,hi/oric ,rehabilitation ,tax ,cr$it1 & = o!r purposes4 #a4 ,%ort title ,?is ,act may be cit$ z ! ,hi/oric ,tax ,cr$it ,improvem5t ,act ( #bjag4 #b4 ,increase 9 ! rehabilitation cr$it = c]ta9 small projects 7a7 ,9 g5]al ,section #dg ( ! ,int]nal ,rev5ue ,code ( #aihf is am5d$ by add+ at ! end ! foll[+ new subsection3 7e7 ,special rule reg>d+ c]ta9 small] projects 7#a7 ,9 g5]al ,9 ! case ( any qualifi$ rehabilitat$ build+ or portion !re(-- 7,a7 :i* is plac$ 9 s]vice aft] ! date ( ! enactm5t ( ?is subsection1 & 7,b7 :i* is a small] project1 subsection 7a77#b7 %all be appli$ by sub/itut+ #cj p]c5t = #bj p]c5t4 7#b7 ,maximum cr$it ,! cr$it det]m9$ "u ?is subsection ) respect to any small] project = all taxable ye>s %all n exce$ #gej1jjj4 7#c7 ,small] project def9$ 7,a7 ,9 g5]al ,= purposes ( ?is subsection1 ! t]m small] project means any qualifi$ rehabilitat$ build+ or portion !re( if-- 7i7 ! qualifi$ rehabilitation exp5ditures tak5 into acc\nt = purposes ( ?is section 7or w\ld h be5 s tak5 into acc\nt if ?is subsection _h be5 9 effect = all prior p]iods7 ) respect to ! rehabilitation are n ov] #c1gej1jjj1 & 7ii7 no cr$it 0 all[$ "u ?is section = ei!r ( ! #b prior taxable ye>s ) respect to su* build+4 7,b7 ,progress exp5ditures ,cr$it all[able by reason ( subsection 7d7 %all n be tak5 into acc\nt "u subp>agraph 7,a77ii74 4 7b7 ,effective date ,! am5dm5t made by ?is section %all apply to p]iods aft] ! date ( ! enactm5t ( ?is ,act1 "u rules simil> to ! rules ( section #dh7m7 ( ! ,int]nal ,rev5ue ,code ( #aihf 7z 9 effect on ! day be=e ! date ( ! enactm5t ( ! ,rev5ue ,reconciliation ,act ( #aiij74 #c4 ,all[ance = ! transf] ( cr$its = c]ta9 small projects 7a7 ,9 g5]al ,section #dg7;e7 ( ! ,int]nal ,rev5ue ,code ( #aihf1 z am5d$ by section #b1 is am5d$ by add+ at ! end ! foll[+ new subsection3 7#d7 ,transf] ( small] project cr$it 7,a7 ,9 g5]al ,subject to subp>agraph 7,b7 & su* regulations or o!r guidance z ! ,secret>y may provide1 ! taxpay] may transf] all or a portion ( ! cr$it all[able to ! taxpay] "u subsection 7a7 = a small] project4 7,b7 ,c]tification 7i7 ,9 g5]al ,a transf] "u subp>agraph 7,a7 %all be accompani$ by a c]tificate :i* includes-- 7,i7 ! c]tification = ! c]tifi$ hi/oric /ructure ref]r$ to 9 subsection 7c77#c71 7,,ii7 ! taxpay]'s "n1 address1 tax id5tification numb]1 date ( project completion1 & ! am\nt ( cr$it be+ transf]r$1 7,,iii7 ! transf]ee's "n1 address1 tax id5tification numb]1 & ! am\nt ( cr$it be+ transf]r$1 & 7,,iv7 su* o!r in=mation z may be requir$ by ! ,secret>y4 7ii7 ,transf]ability ( c]tificate ,a c]tificate issu$ "u ?is section to a taxpay] %all be transf]able to any o!r taxpay]1 except t a c]tificate may n be transf]r$ m ?an once4 7,c7 ,tax treatm5t relat+ to c]tificate 7i7 ,disall[ance ( d$uction ,no d$uction %all be all[$ = ! am\nt ( consid]ation paid or incurr$ by ! transf]ee4 7ii7 ,all[ance ( cr$it ,! am\nt ( cr$it transf]r$ "u subp>agraph 7,a7-- 7,i7 %all n be all[$ to ! transf]or = any taxable ye>1 & 7,,ii7 %all be all[able to ! transf]ee z a cr$it "u ?is section = ! taxable ye> ( ! transf]ee 9 :i* su* cr$it is transf]r$4 7,d7 ,recapture & o!r special rules ,! taxpay] :o claims a cr$it "u ?is section by reason ( a transf] ( an am\nt ( cr$it "u subp>agraph 7,a7 ) respect to a small] project %all be treat$ z ! taxpay] ) respect to ! small] project = purposes ( section #ej4 7,e7 ,in=mation report+ ,! transf]or & ! transf]ee %all ea* make su* reports reg>d+ ! transf] ( an am\nt ( cr$it "u p>agraph 7,a7 & conta9+ su* in=mation z ! ,secret>y may require4 ,! reports requir$ by ?is subsection %all be fil$ at su* "t & 9 su* mann] z may be requir$ by ! ,secret>y4 7,f7 ,regulations ,! ,secret>y %all prescribe regulations or o!r guidance to c>ry out ?is p>agraph4 4 7b7 ,effective date ,! am5dm5ts made by ?is section %all apply to p]iods aft] ! date ( ! enactm5t ( ?is ,act4 #d4 ,increas+ ! type ( build+s eligible = rehabilitation 7a7 ,9 g5]al ,section #dg7;c77#a77;,c77i77,i7 ( ! ,int]nal ,rev5ue ,code ( #aihf is am5d$ by ins]t+ #ej p]c5t ( be=e ! adju/$ basis4 7b7 ,effective date ,! am5dm5t made by subsection 7a7 %all apply to taxable ye>s beg9n+ aft] ! date ( ! enactm5t ( ?is ,act4 #e4 ,r$uction ( basis adju/m5t = rehabilitation prop]ty 7a7 ,9 g5]al ,section #ej7;c7 ( ! ,int]nal ,rev5ue ,code ( #aihf is am5d$ by add+ at ! end ! foll[+3 7#f7 ,special rule relat+ to ! rehabilitation cr$it ,9 ! case ( any rehabilitation cr$it-- 7,a7 only #ej p]c5t ( su* cr$it %all be tak5 into acc\nt "u p>agraph 7#a71 & 7,b7 only #ej p]c5t ( any recapture am\nt attributable to su* cr$it %all be tak5 into acc\nt "u p>agraph 7#b74 4 7b7 ,coord9ation ) basis adju/m5t ,section #ej ( su* ,code is am5d$ by add+ at ! end ! foll[+3 7e7 ,coord9ation ) basis adju/m5t ,9 apply+ ! provisions ( =m] section #dh7;d77#e77;,b7 pursuant to subsection 7d77#e7 to a lease ( prop]ty eligible = ! rehabilitation tax cr$it1 ! lessee ( su* prop]ty %all include ratably 9 gross income ov] ! %orte/ recov]y p]iod t c\ld be applicable "u section #afh ) respect to su* prop]ty an am\nt equal to #ej p]c5t ( ! am\nt ( ! cr$it all[able "u section #ch to ! lessee ) respect to su* prop]ty4 4 #f4 ,modifications reg>d+ c]ta9 tax-exempt use prop]ty 7a7 ,9 g5]al ,section #dg7;c77#b77;,b77v77,i7 ( ! ,int]nal ,rev5ue ,code ( #aihf 7relat+ to tax-exempt use prop]ty7 is am5d$ by ins]t+ & subclauses 7,i71 7,,ii71 & 7,,iii7 ( section #afh7;h77#a77;,b77ii7 %all n apply aft] !re(4 7b7 ,effective date ,! am5dm5ts made by ?is section %all apply to prop]ty plac$ 9 s]vice aft] ! date ( ! enactm5t ( ?is ,act4