Historic Tax Credit Improvement Act of 2015
Latest action · Mar 9, 2016 Read twice and referred to the Committee on Finance.
Progress
Where this bill reached, and when. A stage with no date was not reached; one that failed a vote and later carried shows the date it carried.
- IntroducedMar 9, 2016
- Passed SenateNot reached
- Passed HouseNot reached
- To the PresidentNot reached
- Became lawNot reached
Summary
Historic Tax Credit Improvement Act of 2015
This bill amends the Internal Revenue Code, with respect to the tax credit for the rehabilitation of buildings and historic structures, to: (1) allow an increased 30% credit, up to $750,000, for projects with rehabilitation expenditures not exceeding $3.75 million, for which no credit was allowed in either of the two immediately preceding taxable years (small projects); (2) allow the transfer of tax credit amounts for small projects; (3) treat a building as substantially rehabilitated if rehabilitation expenditures exceed the greater of 50% of the adjusted basis of the building or $5,000 (currently, the greater of the adjusted basis of the building or $5,000); (4) exempt from tax the proceeds of a state historic tax; and (5) limit the application of disqualified lease rules to tax-exempt use property.
Cosponsors 7
Members who signed on, in the order they did. Signatures ran from Mar 9, 2016 to Nov 16, 2016, with 1 there on the day it was introduced.
| Seat | Cosponsor | Signed on | |
|---|---|---|---|
| R-ME | Susan M. Collins | Original | Mar 9, 2016 |
| D-NY | Charles E. Schumer | Apr 25, 2016 | |
| R-MO | Roy Blunt | Jun 6, 2016 | |
| D-VT | Patrick J. Leahy | Jul 12, 2016 | |
| D-WA | Maria Cantwell | Jul 14, 2016 | |
| D-MI | Gary C. Peters | Sep 7, 2016 | |
| R-MS | Roger F. Wicker | Nov 16, 2016 |
Actions 2
Everything that happened, newest first.
- Mar 9, 2016Introduced in Senate
- Mar 9, 2016Read twice and referred to the Committee on Finance.
Related bills 1
Companion bills and other measures the record links to this one.
| Bill | Title | Relationship | Latest action |
|---|---|---|---|
| HR 3846 | Historic Tax Credit Improvement Act of 2015 | Related bill | Oct 28, 2015 |
Subjects
Assigned by the Library of Congress. Policy area: Taxation.
Text 1
Each version as it was printed, newest first.
- Mar 9, 2016Introduced in Senate
Everything here is as published by Congress: the summary is the Congressional Research Service's, the action wording is the clerks', and the subjects are the Library of Congress's. How far it got is read from the actions themselves, taking the most recent one of each kind, so a bill that failed a vote and later passed is shown as having passed. Records come from this bill on Congress.gov and govinfo.gov.