,i  #aaf? ,,congress  #b;d ,session  ,h4
 ,r4 #fage  ,,9 ,,! ,,h\se ,,(          
,,repres5tatives  ,m>* #aj1 #bjbj,mr4   
,blum5au] 7= himself1 ,mr4 ,kelly (     
,p5nsylvania1 ,mr4 ,kildee1 & ,mr4      
,la,hood7 introduc$ ! foll[+ bill2 :i* 0
 ref]r$ to ! ,committee on ,ways &      
,means  ,a ,,bill  ,to am5d ! ,int]nal  
,rev5ue ,code ( #aihf to modify !       
rehabilitation cr$it4  #a4 ,%ort title  
,?is ,act may be cit$ z ! ,revitaliz+   
,economies1 ,h\s+1 ,& ,bus9esses ,act ( 
#bjbj or z ! ,,rehab ,act ( #bjbj4  #b4 
,modification ( rehabilitation cr$it    
7a7 ,re9/atem5t ( cr$it = qualifi$      
rehabilitat$ build+s  7#a7 ,9 g5]al     
,subsection 7a7 ( section #dg ( !       
,int]nal ,rev5ue ,code ( #aihf is am5d$ 
to read z foll[s3  7a7 ,det]m9ation (   
cr$it  7#a7 ,9 g5]al ,= purposes (      
section #df1 ! rehabilitation cr$it =   
any taxable ye> is ! sum (-- 7,a7 9 !   
case ( any qualifi$ rehabilitat$ build+ 
o!r ?an a c]tifi$ hi/oric /ructure :i*  
is plac$ 9 s]vice dur+ su* taxable ye>1 

#aj p]c5t ( ! qualifi$ rehabilitation   
exp5ditures ) respect to su* build+1 &  
7,b7 9 ! case ( any qualifi$            
rehabilitat$ build+ :i* is a c]tifi$    
hi/oric /ructure :i* is plac$ 9 s]vice  
dur+ su* taxable ye> or any ( ! #d      
imm$iately prec$+ taxable ye>s1 !       
ratable %>e = su* taxable ye>4  7#b7    
,ratable %>e ,= purposes ( p>agraph     
7#a77;,b71 ! ratable %>e = any taxable  
ye> is an am\nt equal to #bj p]c5t ( !  
qualifi$ rehabilitation exp5ditures )   
respect to ! c]tifi$ hi/oric /ructure1 z
 allocat$ ratably to ea* ( ! #e ye>s to 
:i* p>agraph 7#a77;,b7 applies4  4  7#b7
 ,con=m+ am5dm5ts  7,a7 ,section #dg7;c7
 ( su* ,code is am5d$-- 7i7 9 p>agraph  
7#a7-- 7,i7 9 subp>agraph 7,a71 by am5d+
 clause 7iii7 to read z foll[s3  7iii7 9
 ! case ( any build+ o!r ?an a c]tifi$  
hi/oric /ructure1 9 ! rehabilitation    
process-- 7,i7 #ej p]c5t or m ( ! exi/+ 
ext]nal walls ( su* build+ are reta9$ 9 
place z ext]nal walls1  7,,ii7 #ge p]c5t
 or m ( ! exi/+ ext]nal walls ( su*     

build+ are reta9$ 9 place z int]nal or  
ext]nal walls1 &  7,,iii7 #ge p]c5t or m
 ( ! exi/+ int]nal /ructural framework (
 su* build+ is reta9$ 9 place1 &  1 &   
7,,ii7 by r$esignat+ subp>agraphs 7,b7 &
 7,c7 z subp>agraphs 7,c7 & 7,d71       
respectively1 & by ins]t+ aft]          
subp>agraph 7,a7 ! foll[+ new           
subp>agraph3  7,b7 ,build+ mu/ be fir/  
plac$ 9 s]vice be=e #aicf ,9 ! case ( a 
build+ o!r ?an a c]tifi$ hi/oric        
/ructure1 a build+ %all n be a qualifi$ 
rehabilitat$ build+ unless ! build+ 0   
fir/ plac$ 9 s]vice be=e #aicf4  1 &    
7ii7 9 p>agraph 7#b77;,b71 by am5d+     
clause 7iv7 to read z foll[s3  7iv7     
,c]tifi$ hi/oric /ructure1 etc ,any     
exp5diture attributable to !            
rehabilitation ( a c]tifi$ hi/oric      
/ructure or a build+ 9 a regi/]$ hi/oric
 di/rict1 unless ! rehabilitation is a  
c]tifi$ rehabilitation 7)9 ! mean+ (    
subp>agraph 7,c774 ,! prec$+ s5t5ce %all
 n apply to a build+ 9 a regi/]$ hi/oric
 di/rict if-- 7,i7 su* build+ 0 n a     

c]tifi$ hi/oric /ructure1  7,,ii7 !     
,secret>y ( ! ,int]ior c]tifi$ to !     
,secret>y t su* build+ is n ( hi/oric   
significance to ! di/rict1 &  7,,iii7 if
 ! c]tification ref]r$ to 9 subclause   
7,,ii7 occurs aft] ! beg9n+ ( !         
rehabilitation ( su* build+1 ! taxpay]  
c]tifies to ! ,secret>y t1 at ! beg9n+ (
 su* rehabilitation1 he 9 good fai? 0 n 
aw>e ( ! requirem5ts ( subclause 7,,ii74
  4  7,b7 ,p>agraph 7#d7 ( section      
#ade7;d7 ( su* ,code is am5d$-- 7i7 by  
/rik+ ( section #dg7;c77#a77;,b7 ea*    
place x appe>s & ins]t+ ( section       
#dg7;c77#a77;,c71 &  7ii7 by /rik+      
section #dg7;c77#a77;,b77i7 & ins]t+    
section #dg7;c77#a77;,c77i74  7b7       
,increase 9 cr$it rate = qualifi$       
rehabilitat$ build+s o!r ?an c]tifi$    
hi/oric /ructures ,section #dg7;a77#a7 (
 su* ,code1 z am5d$ by subsection 7a71  
is am5d$ by /rik+ #aj p]c5t & ins]t+ #ae
 p]c5t4  7c7 ,modification ( date be=e  
:i* build+s o!r ?an c]tifi$ hi/oric     
/ructures mu/ be plac$ 9 s]vice ,section

 #dg7;c77#a77;,b7 ( su* ,code1 z am5d$  
by subsection 7a71 is am5d$ by /rik+    
#aicf & ins]t+ ! cal5d> ye> :i* is #ej  
ye>s prior to ! cal5d> ye> 9 :i* !      
build+ is plac$ 9 s]vice 7)9 ! mean+ (  
subsection 7b77#a774  7d7 ,requirem5t t 
build+s o!r c]tifi$ hi/oric /ructures   
mu/ be close to public transportation   
c5t]s ,section #dg7;c77#a7 ( su* ,code1 
z am5d$ by subsection 7a71 is am5d$ by  
r$esignat+ subp>agraphs 7,c7 & 7,d7 z   
subp>agraphs 7,d7 & 7,e71 respectively1 
& by ins]t+ aft] subp>agraph 7,b7 !     
foll[+ new subp>agraph3  7,c7 ,build+   
mu/ be close to public transportation   
c5t]  7i7 ,9 g5]al ,9 ! case ( a build+ 
o!r ?an a c]tifi$ hi/oric /ructure1 a   
build+ %all n be a qualifi$ rehabilitat$
 build+ unless ! build+ is n fur!r ?an  
"o-half mile f at lea/ "o ( ! foll[+3   
7,i7 ,a location :i* provides pass5g]   
bo>d+ on a fix$ guideway 7z def9$ 9     
section #ecjb7g7 ( title #di1 ,unit$    
,/ates ,code71 commut] rail pass5g]     
transportation 7z def9$ 9 section       

#bdajb7c7 ( title #di1 ,unit$ ,/ates    
,code71 or int]city rail pass5g]        
transportation 7z def9$ 9 section       
#bdajb7d7 ( title #di1 ,unit$ ,/ates    
,code74  7,,ii7 ,a plann$ site = a      
location describ$ 9 subclause 7,i7 if ! 
,secret>y ( ,transportation has issu$ a 
full fund+ grant agreem5t ) respect to  
su* location "u section #ecji7k77#b7 (  
title #di1 ,unit$ ,/ates ,code4  7ii7   
,id5tification ( qualifi$ areas ,!      
,secret>y1 9 consultation ) ! ,secret>y 
( ,transportation1 %all id5tify areas   
:i* are describ$ 9 clause 7i74  4  7e7  
,elim9ation ( c]ta9 lodg+ re/rictions on
 build+s o!r ?an c]tifi$ hi/oric        
/ructures ,section #ej7;b77#b77;,c7 (   
su* ,code is am5d$ by /rik+ c]tifi$     
hi/oric /ructure & ins]t+ qualifi$      
rehabilitat$ build+4  7f7 ,requirem5t t 
build+s t are n c]tifi$ hi/oric         
/ructures & n 9 a regi/]$ hi/oric       
di/rict receive c]tification ( /atus    
,section #dg7;c77#a7 ( su* ,code1 z     
am5d$ by subsections 7a7 & 7d71 is am5d$

 by r$esignat+ subp>agraphs 7,d7 & 7,e7 
z subp>agraphs 7,e7 & 7,f71             
respectively1 & by ins]t+ aft]          
subp>agraph 7,c7 ! foll[+ new           
subp>agraph3  7,d7 ,build+s t are n     
c]tifi$ hi/oric /ructures & n 9 regi/]$ 
hi/oric di/rict mu/ receive c]tification
 ( /atus  7i7 ,9 g5]al ,9 ! case ( a    
build+ :i* is nei!r a c]tifi$ hi/oric   
/ructure nor locat$ 9 a regi/]$ hi/oric 
di/rict1 su* build+ %all n be a qualifi$
 rehabilitat$ build+ unless ! ,secret>y 
( ! ,int]ior c]tifies to ! ,secret>y t  
su* build+ is-- 7,i7 n a c]tifi$ hi/oric
 /ructure1 &  7,,ii7 n 9 a regi/]$      
hi/oric di/rict4  7ii7 ,det]m9ations by 
,national ,p>k ,s]vice ,to ! maximum    
ext5t practicable1 ! ,secret>y ( !      
,int]ior %all make c]tifications "u     
clause 7i7 )9 #cj days ( ! receipt ( an 
application = su* c]tification4  4  7g7 
,cr$it = c]ta9 relat$ exp5ditures  7#a7 
,cr$it = c]ta9 exp5ditures = public     
infra/ructure ,section #dg7;c77#b7 ( su*
 ,code is am5d$ by add+ at ! end !      

foll[+ new subp>agraph3  7,e7 ,treatm5t 
( c]ta9 exp5ditures = public            
infra/ructure  7i7 ,9 g5]al ,9 ! case ( 
any qualifi$ rehabilitat$ build+1       
exp5ditures = qualifi$ public           
infra/ructure 7or improvem5ts !reto7    
%all be treat$ = purposes ( ?is section 
z qualifi$ rehabilitation exp5ditures ) 
respect to su* build+ if provid+ su*    
qualifi$ public infra/ructure is relat$ 
to su* build+ & is requir$ by any ,/ate 
or local gov]nm5t4  7ii7 ,limitation ,! 
am\nt treat$ z qualifi$ rehabilitation  
exp5ditures ) respect to any build+ "u  
clause 7i7 %all n exce$ #be p]c5t ( !   
qualifi$ rehabilitation exp5ditures )   
respect to su* build+ 7det]m9$ aft] !   
application ( clause 7i7 & subp>agraph  
7,f774  7iii7 ,bonus cr$it am\nt ,9 !   
case ( any am\nt treat$ z qualifi$      
rehabilitation exp5ditures "u clause    
7i71 subsection 7a77#a7 %all be appli$  
by sub/itut+ #be p]c5t = #ae p]c5t4     
7iv7 ,qualifi$ public infra/ructure ,=  
purposes ( ?is subp>agraph1 ! t]m       

qualifi$ public infra/ructure means wat]
 & sew] l9es1 electrical l9es &         
equipm5t1 telecommunications l9es &     
equipm5t1 & road & sidewalks1 :i* are   
locat$ 9 ! public "r ( way & are n own$ 
by ! taxpay]4  4  7#b7 ,cr$it =         
expansion & adjac5t build+s ) respect to
 qualifi$ rehabilitat$ build+s o!r ?an  
c]tifi$ hi/oric /ructures ,section      
#dg7;c77#b7 ( su* ,code1 z am5d$ by     
p>agraph 7#a71 is am5d$ by add+ at ! end
 ! foll[+ new subp>agraph3  7,f7        
,treatm5t ( build+ expansions & c]ta9   
adjac5t build+s ) respect to qualifi$   
rehabilitat$ build+s o!r ?an c]tifi$    
hi/oric /ructures  7i7 ,9 g5]al ,9 !    
case any qualifi$ rehabilitat$ build+   
o!r ?an a c]tifi$ hi/oric /ructure--    
7,i7 clause 7iii7 ( subp>agraph 7,b7    
%all n apply1 &  7,,ii7 am\nts describ$ 
9 subp>agraph 7,a77i7 :i* are 9         
connection ) ! rehabilitation or        
con/ruction ( a qualifi$ adjac5t build+ 
%all be treat$ z qualifi$ rehabilitation
 exp5ditures ) respect to su* qualifi$  

rehabilitat$ build+4  7ii7 ,limitation  
,! am\nt treat$ z qualifi$              
rehabilitation exp5ditures ) respect to 
any qualifi$ rehabilitat$ build+ "u     
clause 7i7 %all n exce$ #ajj p]c5t ( !  
qualifi$ rehabilitation exp5ditures )   
respect to su* build+ 7det]m9$ )\t reg>d
 to clause 7i7 & subp>agraph 7,e774     
7iii7 ,qualifi$ adjac5t build+ ,=       
purposes ( ?is subp>agraph1 ! t]m       
qualifi$ adjac5t build+ means1 ) respect
 to any qualifi$ rehabilitat$ build+1   
any build+ if su* build+ & su* qualifi$ 
rehabilitat$ build+ are bo? on ! same   
block4  4  7#c7 ,relat$ exp5ditures     
disreg>d$ 9 det]m9+ if rehabilitation is
 sub/antial ,section #dg7;c77#a77;,e71 z
 r$esignat$ by subsections 7a71 7d71 &  
7f71 is am5d$ by add+ at ! end ! foll[+ 
new clause3  7iv7 ,c]ta9 exp5ditures    
disreg>d$ ,am\nts :i* are o!rwise treat$
 z qualifi$ rehabilitation exp5ditures  
by reason ( subp>agraph 7,e7 or 7,f7 (  
p>agraph 7#b7 %all n be treat$ z        
qualifi$ rehabilitation exp5ditures =   

purposes ( ?is subp>agraph4  4  7h7     
,bonus cr$it = r5t-,re/rict$ h\s+ units 
,section #dg ( su* ,code is am5d$ by    
add+ at ! end ! foll[+ new subsection3  
7e7 ,bonus cr$it = r5t-,re/rict$ h\s+   
units  7#a7 ,9 g5]al ,subsection 7a77#a7
 %all be appli$ by sub/itut+ #be p]c5t =
 #ae p]c5t ) respect to s mu* ( !       
qualifi$ rehabilitation exp5ditures     
7det]m9$ )\t reg>d to subsection        
7c77#b77;,e77 ) respect to any qualifi$ 
rehabilitat$ build+ z are prop]ly       
allocable to resid5tial units :i* are-- 
7,a7 r5t-re/rict$ 7)9 ! mean+ ( section 
#db7;g77#b771 &  7,b7 occupi$ by        
individuals ^: income is #ajj p]c5t or  
less ( area m$ian gross income 7)9 !    
mean+ ( section #db7;g77#a774  7#b7     
,failure to ma9ta9 r5t-re/riction       
subject to recapture ,9 ! case ( any    
failure to ma9ta9 any resid5tial unit   
tak5 into acc\nt "u p>agraph 7#a7 z a   
resid5tial unit describ$ 9 su* p>agraph 
dur+ ! recapture p]iod1 section #ej7;a7 
%all apply z ?\gh ! qualifi$            

rehabilitat$ build+ ceas$ to be inve/m5t
 cr$it prop]ty except t ! recapture     
p]iod & recapture p]c5tage %all be      
det]m9$ "u p>agraph 7#c7 & 9 det]m9+ !  
increase 9 tax "u su* section 9 lieu (  
r$uc+ ! cr$it det]m9$ "u ?is section to 
z]o su* cr$it %all be det]m9$ )\t reg>d 
to p>agraph 7#a74 ,! application (      
section #ej7;a7 ) respect to a build+ z 
describ$ 9 ?is p>agraph %all n prev5t ! 
reapplication ( su* section to su*      
build+ if su* build+ is dispos$ ( or    
o!rwise ceases to be inve/m5t cr$it     
prop]ty & ! tax impos$ "u su* section by
 reason ( su* reapplication %all be     
r$uc$ by ! tax previ\sly impos$ z       
describ$ 9 ?is p>agraph4  7#c7          
,recapture p]iod2 recapture p]c5tage ,= 
purposes ( ?is subsection-- 7,a7        
,recapture p]iod ,! t]m recapture p]iod 
means ! #aj-ye> p]iod beg9n+ on ! date !
 build+ is plac$ 9 s]vice4  7,b7        
,recapture p]c5tage ,! t]m recapture    
p]c5tage means-- 7i7 9 ! case ( a       
failure describ$ 9 p>agraph 7#b7 t      

occurs dur+ ! fir/ ye> ( ! recapture    
p]iod1 #ajj p]c5t1 &  7ii7 9 ! case (   
su* a failure :i* occurs dur+ any       
subsequ5t ye> ( ! recapture p]iod1 !    
p]c5tage :i* is #aj p]c5tage po9ts less 
?an ! p]c5tage :i* appli$ = ! previ\s   
ye> 7z det]m9$ "u ?is subp>agraph74  4  
7i7 ,public report+ ,section #dg ( su*  
,code1 z am5d$ by subsection 7h71 is    
am5d$ by add+ at ! end ! foll[+ new     
subsection3  7f7 ,public report+ )      
respect to qualifi$ rehabilitat$ build+s
 o!r ?an c]tifi$ hi/oric /ructures  7#a7
 ,9 g5]al ,no cr$it %all be all[$ "u ?is
 section ) respect to any qualifi$      
rehabilitat$ build+ o!r ?an a c]tifi$   
hi/oric /ructure unless ! taxpay]       
submits to ! ,secret>y a report 7at su* 
"t & 9 su* mann] z ! ,secret>y may      
provide7 :i* includes ! in=mation       
describ$ 9 p>agraph 7#b74  7#b7         
,in=mation ,! report describ$ 9 p>agraph
 7#a7 %all include ! foll[+3 7,a7 ,! "n 
( ! build+ &1 if applicable1 ! "n ( !   
project ( :i* su* build+ is a "p4  7,b7 

,ea* ( ! foll[+ ) respect to ! location 
( ! build+3 city1 ,/ate1 zip code1 #bjaj
 c5sus tract 7& :e!r su* tract is       
metropolitan /ati/ical area74  7,c7 ,!  
total co/ ( ! build+ &1 if applicable1 !
 total co/ ( ! project ( :i* su* build+ 
is a "p4  7,d7 ,! total am\nt ( cr$it   
all[$ "u ?is section ) respect to su*   
build+ &1 if applicable1 ) respect to ! 
project ( :i* su* build+ is a "p4  7,e7 
,! ye> ! build+ is plac$ 9 s]vice4  7,f7
 ,! numb] ( h\s+ units 9 ! build+ &     
numb] ( su* h\s+ units :i* are          
r5t-re/rict$ 7)9 ! mean+ ( section      
#db7;g77#b77  7,g7 ,! prim>y purpose ( !
 build+4  7#c7 ,reports made publicly   
available ,! ,secret>y %all ensure t    
reports made "u p>agraph 7#a7 are made  
available to ! public4  4  7j7          
,effective date ,! am5dm5ts made by ?is 
section %all apply to prop]ty plac$ 9   
s]vice aft] ! date ( ! enactm5t ( ?is   
,act4