,,ii  #aaf? ,,congress  #a/ ,session    
,s4 #bfae  ,,9 ,,! ,,s5ate ,,( ,,!      
,,unit$ ,,/ates  ,octob] #af1 #bjai,mr4 
,cassidy 7= himself1 ,mr4 ,c>d91 ,ms4   
,coll9s1 & ,ms4 ,cantwell7 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$it ,gr[? 
& ,opportunity ,act ( #bjai4  #b4       
,increase 9 ! rehabilitation cr$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    
,increas+ ! type ( build+s eligible =   
rehabilitation  7a7 ,9 g5]al ,section   
#dg7;c77#a77;,b77i77,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 #bjah4   
#d4 ,elim9ation ( rehabilitation cr$it  
basis adju/m5t  7a7 ,9 g5]al ,section   
#ej7;c7 ( ! ,int]nal ,rev5ue ,code (    
#aihf is am5d$ by add+ at ! end ! foll[+
 new p>agraph3  7#f7 ,exception =       
rehabilitation cr$it ,9 ! case ( !      
rehabilitation cr$it1 p>agraph 7#a7 %all
 n apply4  4  7b7 ,treatm5t 9 case (    
cr$it all[$ to lessee ,section #ej7;d7 (
 su* ,code is am5d$ by add+ at ! end !  
foll[+3 ,9 ! case ( ! rehabilitation    
cr$it1 p>agraph 7#e77;,b7 ( ! section   
#dh7;d7 ref]r$ to 9 p>agraph 7#e7 ( ?is 
subsection %all n apply44  7c7          
,effective date ,! am5dm5ts made by ?is 
section %all apply to prop]ty plac$ 9   

s]vice aft] ! date ( ! enactm5t ( ?is   
,act4  #e4 ,modifications reg>d+ c]ta9  
tax-exempt use prop]ty  7a7 ,9 g5]al    
,section #dg7;c77#b77;,b77v7 ( !        
,int]nal ,rev5ue ,code ( #aihf is am5d$ 
by add+ at ! end ! foll[+ new subclause3
  7,,iii7 ,disqualifi$ lease rules to   
apply only 9 case ( gov]nm5t entity ,=  
purposes ( subclause 7,i71 except 9 !   
case ( a tax-exempt entity describ$ 9   
section #afh7;h77#b77;,a77i71 !         
det]m9ation ( :e!r prop]ty is tax-exempt
 use prop]ty %all be made "u section    
#afh7;h7 )\t reg>d to :e!r ! prop]ty is 
leas$ 9 a disqualifi$ lease 7z def9$ 9  
section #afh7;h77#a77;,b77ii774  4  7b7 
,effective date ,! am5dm5ts made by ?is 
section %all apply to prop]ty plac$ 9   
s]vice aft] ! date ( ! enactm5t ( ?is   
,act4