S. 3058 — Introduced in Senate

II 115th CONGRESS 2d Session S. 3058 IN THE SENATE OF THE UNITED STATES June 13, 2018Mr. Cassidy (for himself, Mr. Cardin, and Ms. Collins) introduced the following bill; which was read twice and referred to the Committee on Finance A BILL To amend the Internal Revenue Code of 1986 to eliminate the requirement that the taxpayer’s basis in a building be reduced by the amount of the rehabilitation credit determined with respect to such building. 1. Short title This Act may be cited as the Historic Tax Credit Enhancement Act. 2. Elimination of rehabilitation credit basis adjustment (a) In general Section 50(c) of the Internal Revenue Code of 1986 is amended by adding at the end the following new paragraph: (6) Exception for rehabilitation credit In the case of the rehabilitation credit, paragraph (1) shall not apply. . (b) Treatment in case of credit allowed to lessee Section 50(d) of such Code is amended by adding at the end the following: In the case of the rehabilitation credit, paragraph (5)(B) of the section 48(d) referred to in paragraph (5) of this subsection shall not apply.. (c) Effective date The amendments made by this section shall apply to property placed in service after the date of the enactment of this Act.