,,ii #aae? ,,congress #a/ ,session ,s4 #dbe ,,9 ,,! ,,s5ate ,,( ,,! ,,unit$ ,,/ates ,febru>y #af1 #bjag,mr4 ,c>d9 7= himself1 ,ms4 ,coll9s1 ,mr4 ,co*ran1 ,mrs4 ,gillibr&1 ,mr4 ,wick]1 & ,mr4 ,leahy7 introduc$ ! foll[+ bill2 :i* 0 read twice & ref]r$ to ! ,committee on ,f9ance ,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 "u ?is section 7aft] application ( ?is subsection7 ) respect to any project = all taxable ye>s %all n exce$ #gej1jjj4 7#c7 ,small project 7,a7 ,9 g5]al ,= purposes ( ?is subsection1 ! t]m small project means any c]tifi$ hi/oric /ructure or portion !re( if-- 7i7 ! total qualifi$ rehabilitation exp5ditures tak5 into acc\nt = purposes ( ?is section ) respect to ! rehabilitation d n exce$ #c1gej1jjj1 & 7ii7 no cr$it 0 all[$ "u ?is section = ei!r ( ! two imm$iately prec$+ 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 add$ by section #b1 is am5d$ by add+ at ! end ! foll[+ new p>agraph3 7#d7 ,transf] ( small project cr$it 7,a7 ,9 g5]al ,subject to subp>agraph 7,b7 & su* regulations or o!r guidance z ! ,secret>y may provide1 ! taxpay] may transf] to any o!r taxpay] all or a portion ( ! cr$it all[able to ! taxpay] "u subsection 7a7 = a small project4 7,b7 ,c]tification ,a transf] "u subp>agraph 7,a7 %all be accompani$ by a c]tificate :i* includes-- 7i7 ! c]tification = ! c]tifi$ hi/oric /ructure1 7ii7 ! taxpay]'s "n1 address1 & tax id5tification numb]1 7iii7 ! transf]ee's "n1 address1 & tax id5tification numb]1 7iv7 ! date ( project completion & ! am\nt ( cr$it be+ transf]r$1 & 7v7 su* o!r in=mation z may be requir$ by ! ,secret>y4 7,c7 ,cr$it may only be transf]r$ once ,a cr$it transf]r$ "u subp>agraph 7,a7 is n transf]able by ! transf]ee to any o!r taxpay]4 7,d7 ,tax treatm5t ( transf] 7i7 ,disall[ance ( d$uction ,no d$uction %all be all[$ = any am\nt ( consid]ation paid or incurr$ by ! transf]ee 9 return = ! transf] ( any cr$it "u ?is p>agraph4 7ii7 ,all[ance ( cr$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$4 7,e7 ,recapture & o!r special rules ,= purposes ( section #ej1 ! transf]ee ( a cr$it ) respect to a small] project "u ?is p>agraph %all be treat$ z ! taxpay] ) respect to ! small] project4 7,f7 ,in=mation report+ ,! transf]or & ! transf]ee %all ea* make su* reports reg>d+ ! transf] ( an am\nt ( cr$it "u subp>agraph 7,a71 & conta9+ su* in=mation1 z ! ,secret>y may require4 ,! reports requir$ by ?is subp>agraph %all be fil$ at su* "t & 9 su* mann] z may be requir$ by ! ,secret>y4 4 7b7 ,effective date ,! am5dm5t made by ?is section %all apply to p]iods aft] ,decemb] #ca1 #bjaf4 #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] ,decemb] #ca1 #bjaf4 #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 ,subsection 7d7 ( section #ej ( ! ,int]nal ,rev5ue ,code ( #aihf is am5d$ by add+ at ! end ! foll[+ new s5t5ce3 ,= purposes ( p>agraph 7#e71 9 apply+ ! provisions ( section #dh7;d77#e77;,b7 7z s 9 effect7 to a lease ( prop]ty eligible = ! cr$it "u section #dg1 gross income ( ! lessee ( su* prop]ty %all include1 ratably ov] ! %orte/ recov]y p]iod applicable to su* prop]ty "u section #afh1 an am\nt equal to #ej p]c5t ( ! am\nt ( ! cr$it all[able "u section #ch to su* lessee ) respect to su* prop]ty44 7c7 ,effective date ,! am5dm5ts made by ?is section %all apply to taxable ye>s beg9n+ aft] ! date ( ! enactm5t ( ?is ,act4 #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 is am5d$ by ins]t+ 1 & 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