,,ii  #aafth ,,congress  #ast ,session  
,s4 #bfae  ,,in ,,the ,,senate ,,of     
,,the ,,united ,,states  ,october #af1  
#bjai,mr4 ,cassidy 7for himself1 ,mr4   
,cardin1 ,ms4 ,collins1 and ,ms4        
,cantwell7 introduced the following     
bill2 which was read twice and referred 
to the ,committee on ,finance  ,a ,,bill
  ,to amend the ,internal ,revenue ,code
 of #aihf to improve the historic       
rehabilitation tax credit1 and for other
 purposes4  #a4 ,short title ,this ,act 
may be cited as the ,historic ,tax      
,credit ,growth and ,opportunity ,act of
 #bjai4  #b4 ,increase in the           
rehabilitation credit for certain small 
projects  7a7 ,in general ,section #dg  
of the ,internal ,revenue ,code of #aihf
 is amended by adding at the end the    
following new subsection3  7e7 ,special 
rule regarding certain small projects   
7#a7 ,in general ,in the case of any    
qualified rehabilitated building or     
portion thereof-- 7,a7 which is placed  
in service after the date of the        

enactment of this subsection1 and  7,b7 
which is a small project1  subsection   
7a77#b7 shall be applied by substituting
 #cj percent for #bj percent4  7#b7     
,maximum credit ,the credit under this  
section 7after application of this      
subsection7 with respect to any project 
for all taxable years shall not exceed  
#gej1jjj4  7#c7 ,small project  7,a7 ,in
 general ,for purposes of this          
subsection1 the term small project means
 any certified historic structure or    
portion thereof if-- 7i7 the total      
qualified rehabilitation expenditures   
taken into account for purposes of this 
section with respect to the             
rehabilitation do not exceed #c1gej1jjj1
 and  7ii7 no credit was allowed under  
this section for either of the two      
immediately preceding taxable years with
 respect to such building4  7,b7        
,progress expenditures ,credit allowable
 by reason of subsection 7d7 shall not  
be taken into account under subparagraph
 7,a77ii74  4  7b7 ,effective date ,the 

amendment made by this section shall    
apply to periods after the date of the  
enactment of this ,act1 under rules     
similar to the rules of section #dh7m7  
of the ,internal ,revenue ,code of #aihf
 7as in effect on the day before the    
date of the enactment of the ,revenue   
,reconciliation ,act of #aiij74  #c4    
,increasing the type of buildings       
eligible for rehabilitation  7a7 ,in    
general ,section #dg7;c77#a77;,b77i77,i7
 of the ,internal ,revenue ,code of     
#aihf is amended by inserting #ej       
percent of before the adjusted basis4   
7b7 ,effective date ,the amendment made 
by subsection 7a7 shall apply to taxable
 years beginning after ,december #ca1   
#bjah4  #d4 ,elimination of             
rehabilitation credit basis adjustment  
7a7 ,in general ,section #ej7;c7 of the 
,internal ,revenue ,code of #aihf is    
amended by adding at the end the        
following new paragraph3  7#f7          
,exception for rehabilitation credit ,in
 the case of the rehabilitation credit1 

paragraph 7#a7 shall not apply4  4  7b7 
,treatment in case of credit allowed to 
lessee ,section #ej7;d7 of such ,code is
 amended by adding at the end the       
following3 ,in the case of the          
rehabilitation credit1 paragraph        
7#e77;,b7 of the section #dh7;d7        
referred to in paragraph 7#e7 of this   
subsection shall not apply44  7c7       
,effective date ,the amendments made by 
this section shall apply to property    
placed in service after the date of the 
enactment of this ,act4  #e4            
,modifications regarding certain        
tax-exempt use property  7a7 ,in general
 ,section #dg7;c77#b77;,b77v7 of the    
,internal ,revenue ,code of #aihf is    
amended by adding at the end the        
following new subclause3  7,,iii7       
,disqualified lease rules to apply only 
in case of government entity ,for       
purposes of subclause 7,i71 except in   
the case of a tax-exempt entity         
described in section                    
#afh7;h77#b77;,a77i71 the determination 

of whether property is tax-exempt use   
property shall be made under section    
#afh7;h7 without regard to whether the  
property is leased in a disqualified    
lease 7as defined in section            
#afh7;h77#a77;,b77ii774  4  7b7         
,effective date ,the amendments made by 
this section shall apply to property    
placed in service after the date of the 
enactment of this ,act4