,i #aae? ,,congress #a/ ,session ,h4 ,r4 #cfij ,,9 ,,! ,,h\se ,,( ,,repres5tatives ,septemb] #f1 #bjag,mr4 ,mc,kinley 7= himself & ,mr4 ,tonko7 introduc$ ! foll[+ bill2 :i* 0 ref]r$ to ! ,committee on ,ways & ,means ,a ,,bill ,to am5d ! ,int]nal ,rev5ue ,code ( #aihf to increase ! rehabilitation cr$it = comm]cial build+s & to provide a rehabilitation cr$it = pr9cipal resid5ces4 #a4 ,%ort title ,?is ,act may be cit$ z ! ,pres]v+ ,am]ica's ,d[nt[ns & ,h]itage ,act ( #bjag4 #b4 ,increas$ rehabilitation cr$it = comm]cial build+s 7a7 ,build+s o!r ?an c]tifi$ hi/oric /ructures ,p>agraph 7#a7 ( section #dg7;a7 ( ! ,int]nal ,rev5ue ,code ( #aihf 7relat+ to rehabilitation cr$it7 is am5d$ by /rik+ #aj p]c5t & ins]t+ #ab4e p]c5t4 7b7 ,c]tifi$ hi/oric /ructures ,p>agraph 7#b7 ( su* section is am5d$ by /rik+ #bj p]c5t & ins]t+ #be p]c5t4 7c7 ,effective date ,! am5dm5ts made by ?is section %all apply ) respect to rehabilitations ! physical "w on :i* beg9s aft] ! date ( enactm5t ( ?is ,act4 #c4 ,rehabilitation cr$it = hi/oric pr9cipal resid5ces 7a7 ,9 g5]al ,subp>t ,a ( "p ,,iv ( sub*apt] ,a ( *apt] #a ( ! ,int]nal ,rev5ue ,code ( #aihf 7relat+ to nonrefundable p]sonal cr$its7 is am5d$ by ins]t+ aft] section #be;,d ! foll[+ new section3 #be;,e4 ,rehabilitation ( hi/oric pr9cipal resid5ces 7a7 ,g5]al rule ,9 ! case ( an individual1 !re %all be all[$ z a cr$it aga9/ ! tax impos$ by ?is *apt] = ! taxable ye> an am\nt equal to #bj p]c5t ( ! qualifi$ rehabilitation exp5ditures made by ! taxpay] ) respect to a qualifi$ hi/oric home4 7b7 ,qualifi$ rehabilitation exp5diture ,= purposes ( ?is section-- 7#a7 ,9 g5]al ,! t]m qualifi$ rehabilitation exp5diture means any am\nt prop]ly *>geable to capital acc\nt-- 7,a7 9 connection ) ! c]tifi$ rehabilitation ( a qualifi$ hi/oric home1 & 7,b7 = prop]ty = :i* depreciation w\ld be all[able "u section #afh if ! qualifi$ hi/oric home 7 us$ 9 a trade or bus9ess4 7#b7 ,c]ta9 exp5ditures n includ$ ,rules simil> to ! rules ( clauses 7ii7 & 7iii7 ( section #dg7;c77#b77;,b7 %all apply4 7#c7 ,mix$ use or multifamily build+ ,if only a portion ( a build+ is us$ z ! pr9cipal resid5ce ( ! taxpay]1 only qualifi$ rehabilitation exp5ditures :i* are prop]ly allocable to su* portion %all be tak5 into acc\nt "u ?is section4 7c7 ,c]tifi$ rehabilitation ,= purposes ( ?is section-- 7#a7 ,9 g5]al ,! t]m c]tifi$ rehabilitation has ! mean+ giv5 su* t]m by section #dg7;c77#b77;,c74 7#b7 ,approv$ ,/ate program ,! t]m c]tifi$ rehabilitation includes a c]tification made by-- 7,a7 a ,/ate ,hi/oric ,pres]vation ,(fic] :o adm9i/]s a ,/ate ,hi/oric ,pres]vation ,program approv$ by ! ,secret>y ( ! ,int]ior pursuant to section #aja7;b77#a7 ( ! ,national ,hi/oric ,pres]vation ,act1 or 7,b7 a local gov]nm5t1 c]tifi$ pursuant to section #aja7;c77#a7 ( ! ,national ,hi/oric ,pres]vation ,act & au?oriz$ by a ,/ate ,hi/oric ,pres]vation ,(fic]1 or ! ,secret>y ( ! ,int]ior :]e !re is no approv$ ,/ate program1 subject to su* t]ms & conditions z may be specifi$ by ! ,secret>y ( ! ,int]ior = ! rehabilitation ( build+s )9 ! jurisdiction ( su* (fic] 7or local gov]nm5t7 = purposes ( ?is section4 7d7 ,def9itions & special rules ,= purposes ( ?is section-- 7#a7 ,qualifi$ hi/oric home ,! t]m qualifi$ hi/oric home means a c]tifi$ hi/oric /ructure-- 7,a7 :i* has be5 sub/antially rehabilitat$1 & 7,b7 :i* 7or any portion ( :i*7-- 7i7 is own$ by ! taxpay]1 & 7ii7 is us$ 7or w1 )9 a reasonable p]iod1 be us$7 by su* taxpay] z 8 pr9cipal resid5ce4 7#b7 ,sub/antially rehabilitat$ ,! t]m sub/antially rehabilitat$ has ! mean+ giv5 su* t]m by section #dg7;c77#a77;,c74 7#c7 ,pr9cipal resid5ce ,! t]m pr9cipal resid5ce has ! same mean+ z :5 us$ 9 section #aba4 7#d7 ,c]tifi$ hi/oric /ructure 7,a7 ,9 g5]al ,! t]m c]tifi$ hi/oric /ructure means any build+ 7& its /ructural compon5ts7 :i*-- 7i7 is li/$ 9 ! ,national ,regi/]1 or 7ii7 is locat$ 9 a regi/]$ hi/oric di/rict 7z def9$ 9 section #dg7;c77#c77;,b77 & is c]tifi$ by ! ,secret>y ( ! ,int]ior z be+ ( hi/oric significance to ! di/rict4 7#e7 ,rehabilitation n complete be=e c]tification ,a rehabilitation %all n be treat$ z complete be=e ! date ( ! c]tification ref]r$ to 9 subsection 7c74 7#f7 ,t5ant-/ockhold] 9 coop]ative h\s+ corporation ,if ! taxpay] holds /ock z a t5ant-/ockhold] 7z def9$ 9 section #baf7 9 a coop]ative h\s+ corporation 7z def9$ 9 su* section71 su* /ockhold] %all be treat$ z own+ ! h\se or ap>tm5t :i* ! taxpay] is entitl$ to occupy z su* /ockhold]4 7e7 ,c>ry=w>d ( unus$ cr$it ,if ! cr$it all[able "u subsection 7a7 exce$s ! limitation impos$ by section #bf7;a7 = ! taxable ye> r$uc$ by ! sum ( ! cr$its all[able "u ?is subp>t 7o!r ?an ?is section & sections #be;,d & #adjj;,c71 su* excess %all be c>ri$ to ea* ( ! #e succe$+ taxable ye>s &1 subject to rules simil> to ! rules ( section #ci7;a77#b71 %all be add$ to ! cr$it all[able by subsection 7a7 = su* succe$+ taxable ye>4 7f7 ,:5 exp5ditures tak5 into acc\nt ,qualifi$ rehabilitation exp5ditures %all be treat$ = purposes ( ?is section z made-- 7#a7 on ! date ! rehabilitation is complet$1 or 7#b7 to ! ext5t provid$ by ! ,secret>y by regulation1 :5 su* exp5ditures are prop]ly *>geable to capital acc\nt4 ,regulations "u p>agraph 7#b7 %all include a rule simil> to ! rule "u section #ej7;a77#b7 7relat+ to recapture if prop]ty ceases to qualify = progress exp5ditures74 7g7 ,recapture 7#a7 ,9 g5]al ,if1 be=e ! end ( ! #e-ye> p]iod beg9n+ on ! date on :i* ! rehabilitation ( ! build+ is complet$-- 7,a7 ! taxpay] disposes ( su* taxpay]'s int]e/ 9 su* build+1 or 7,b7 su* build+ ceases to be us$ z ! pr9cipal resid5ce ( ! taxpay] or ceases to be a c]tifi$ hi/oric /ructure1 ! taxpay]'s tax impos$ by ?is *apt] = ! taxable ye> 9 :i* su* disposition or cessation occurs %all be increas$ by ! recapture p]c5tage ( ! cr$it all[$ "u ?is section = all prior taxable ye>s ) respect to su* rehabilitation4 7#b7 ,recapture p]c5tage ,= purposes ( p>agraph 7#a71 ! recapture p]c5tage %all be det]m9$ 9 accordance ) ! table "u section #ej7;a77#a77;,b71 deem+ su* table to be am5d$-- 7,a7 by /rik+ ,if ! prop]ty ceases to be inve/m5t cr$it prop]ty )9-- & ins]t+ ,if ! disposition or cessation occurs )9--1 & 7,b7 9 clause 7i7 by /rik+ ,"o full ye> aft] plac$ 9 s]vice & ins]t+ ,"o full ye> aft] ! taxpay] becomes entitl$ to ! cr$it4 7#c7 ,transf] betwe5 sp\ses or incid5t to divorce ,9 ! case ( any transf] describ$ 9 subsection 7a7 ( section #ajda 7relat+ to transf]s betwe5 sp\ses or incid5t to divorce7-- 7,a7 ! =ego+ provisions ( ?is subsection %all n apply1 & 7,b7 ! same tax treatm5t "u ?is subsection ) respect to ! transf]r$ prop]ty %all apply to ! transf]ee z w\ld h appli$ to ! transf]or4 7h7 ,basis adju/m5ts ,= purposes ( ?is subtitle1 if a cr$it is all[$ "u ?is section = any exp5diture ) respect to any prop]ty1 ! increase 9 ! basis ( su* prop]ty :i* w\ld 7b = ?is subsection7 result f su* exp5diture %all be r$uc$ by ! am\nt ( ! cr$it s all[$4 7i7 ,process+ fees ,any ,/ate may impose a fee = ! process+ ( applications = ! c]tification ( any rehabilitation "u ?is section provid$ t ! am\nt ( su* fee is us$ only to defray exp5ses associat$ ) ! process+ ( su* applications4 7j7 ,d5ial ( d\ble b5efit ,no cr$it %all be all[$ "u ?is section = any am\nt = :i* cr$it is all[$ "u section #dg4 7k7 ,regulations ,! ,secret>y %all prescribe su* regulations z may be appropriate to c>ry out ! purposes ( ?is section1 includ+ regulations :]e less ?an all ( a build+ is us$ z a pr9cipal resid5ce & :]e m ?an #a taxpay] use ! same dwell+ unit z _! pr9cipal resid5ce4 4 7b7 ,con=m+ am5dm5ts 7#a7 ,subsection 7a7 ( section #ajaf ( su* ,code is am5d$ by /rik+ & at ! end ( p>agraph 7#cf71 by /rik+ ! p]iod at ! end ( p>agraph 7#cg7 & ins]t+ 1 &1 & by add+ at ! end ! foll[+ new item3 7#ch7 to ! ext5t provid$ 9 section #be;,e7h74 4 7#b7 ,! table ( sections = subp>t ,a ( "p ,,iv ( sub*apt] ,a ( *apt] #a ( su* ,code is am5d$ by ins]t+ aft] ! item relat+ to section #be;,d ! foll[+ new item3 ,sec4 #be;,e4 ,rehabilitation ( hi/oric pr9cipal resid5ces44 7c7 ,effective date ,! am5dm5ts made by ?is section %all apply ) respect to rehabilitations ! physical "w on :i* beg9s aft] ! date ( enactm5t ( ?is ,act4