,,ii  #aaith ,,congress  #ast ,session  
,s4 #adei  ,,in ,,the ,,senate ,,of     
,,the ,,united ,,states  ,april #aj1    
#bjbe,mr4 ,cassidy 7for himself1 ,mr4   
,warner1 ,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
 #bjbe4  #b4 ,full credit allowed in the
 year building placed in service  7a7   
,in general ,section #dg7;a7 of the     
,internal ,revenue ,code of #aihf is    
amended to read as follows3  7a7        
,general rule ,for purposes of section  
#df1 the rehabilitation credit for any  
taxable year is #bj percent of the      
qualified rehabilitation expenditures4  
4  7b7 ,effective date ,the amendment   
made by this section shall apply to     

property placed in service after        
,december #ca1 #bjbc4  #c4 ,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 qualifying small project with    
respect to which there is an election in
 effect under this subsection-- 7,a7 the
 total qualified rehabilitation         
expenditures taken into account for     
purposes of this section with respect to
 the rehabilitation shall not exceed    
#c1gej1jjj1  7,b7 subsection 7a7 shall  
be applied by substituting #cj percent  
for #bj percent1 and  7,c7 subject to   
paragraph 7#d7 and such regulations or  
other guidance as the ,secretary may    
provide1 the taxpayer may transfer all  
or a portion of the credit determined   
under this section with respect to such 
qualifying small project4  7#b7         

,qualifying small project ,for purposes 
of this subsection1 the term qualifying 
small project means any qualified       
rehabilitated building or portion       
thereof if-- 7,a7 such building is      
placed in service after the date of the 
enactment of this subsection1 and  7,b7 
no credit was allowed under this section
 7other than a credits allowed by reason
 of subsection 7d77 for either of the   
two immediately preceding taxable years 
with respect to such building4  7#c7    
,special rule for rural projects  7,a7  
,in general ,in the case of any         
qualifying small project in a rural     
area1 paragraph 7#a77;,a7 shall be      
applied by substituting #e1jjj1jjj for  
#c1gej1jjj4  7,b7 ,rural area ,for      
purposes of this subparagraph1 the term 
rural area means any area other than--  
7i7 a city or town that has a population
 of greater than #ej1jjj inhabitants1 or
  7ii7 the urbanized area contiguous and
 adjacent to a city or town described in
 clause 7i71 as defined by the ,bureau  

of the ,census based on the latest      
decennial census of the ,united ,states4
  7#d7 ,transfer of credit for          
qualifying small projects  7,a7         
,certification  7i7 ,in general ,a      
transfer under paragraph 7#a77;,c77     
shall be accompanied by a certificate   
which includes-- 7,i7 the certification 
for the certified historic structure    
referred to in subsection 7c77#c71      
7,,ii7 the taxpayer's name1 address1 tax
 identification number1 date of project 
completion1 and the amount of credit    
being transferred1  7,,iii7 the         
transferee's name1 address1 tax         
identification number1 and the amount of
 credit being transferred1 and  7,,iv7  
such other information as may be        
required by the ,secretary4  7ii7       
,transferability of certificate ,a      
certificate issued under this subsection
 to a taxpayer shall be transferable to 
any other taxpayer4  7,b7 ,tax treatment
 relating to certificate  7i7           
,disallowance of deduction ,no deduction

 shall be allowed for the amount of     
consideration paid or incurred by the   
transferee4  7ii7 ,allowance of credit  
,the amount of credit transferred under 
paragraph 7#a77;,c7-- 7,i7 shall not be 
allowed to the transferor for any       
taxable year1 and  7,,ii7 shall be      
allowable to the transferee as a credit 
determined under this section for the   
taxable year of the transferee in which 
such credit is transferred4  7iii7      
,exclusion ,gross income shall not      
include any amount received in          
connection with the transfer of the     
certificate4  7,c7 ,recapture and other 
special rules ,the taxpayer who claims a
 credit determined under this section by
 reason of a transfer of an amount of   
credit under paragraph 7#a77;,a7 with   
respect to an applicable rural project  
shall be treated as the taxpayer with   
respect to such project for purposes of 
section #ej4  7,d7 ,information         
reporting ,the transferor and the       
transferee shall each make such reports 

regarding the transfer of an amount of  
credit under paragraph 7#a77;,c7 and    
containing such information as the      
,secretary may require4 ,the reports    
required by this subparagraph shall be  
filed at such time and in such manner as
 may be required by the ,secretary4     
7,e7 ,regulations ,the ,secretary shall 
prescribe regulations or other guidance 
to carry out paragraph 7#a77;,c7 and    
this paragraph in a manner which is     
consistent with applicable requirements 
with respect to transfer of credits     
under section #fdah4  7#e7 ,election ,an
 election under this subsection shall be
 made at such time and in such manner as
 the ,secretary may by regulations      
prescribe4  4  7b7 ,effective date ,the 
amendment made by this section shall    
apply to property placed in service     
after the date of the enactment of this 
,act4  #d4 ,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 property placed in       
service after the date of the enactment 
of this ,act44  #e4 ,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  #f4            
,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