H.R. 5882 — Introduced in House

I 118th CONGRESS 1st Session H. R. 5882 IN THE HOUSE OF REPRESENTATIVES October 3, 2023Mr. Carey (for himself and Mr. Schneider) introduced the following bill October 25, 2023Referred to the Committee on Ways and Means A BILL To amend the Internal Revenue Code of 1986 to modify the rehabilitation credit to allow such credit to be taken in one taxable year. 1. Reinstatement of one-year rehabilitation credit (a) In general Section 47(a) of the Internal Revenue Code of 1986 is amended to read as follows: (a) General rule For purposes of section 46, the rehabilitation credit for any taxable year is 20 percent of the qualified rehabilitation expenditures with respect to any certified historic structure. . (b) Effective date The amendments made by this section shall apply to amounts paid or incurred after December 31, 2023.