Historic Tax Credit Growth and Opportunity Act of 2023
Latest action · Mar 24, 2023 Referred to the House Committee on Ways and Means.
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 24, 2023
- Passed HouseNot reached
- Passed SenateNot reached
- To the PresidentNot reached
- Became lawNot reached
Summary
Historic Tax Credit Growth and Opportunity Act of 2023
This bill increases the rehabilitation tax credit and modifies certain requirements for the credit.
The bill increases the rate of the credit for qualified rehabilitation expenditures in taxable years beginning after December 31, 2020, and before January 1, 2028, after which the rate reverts to 20%.
The bill increases the rate of the credit to 30% for certain small projects whose qualified rehabilitation expenditures do not exceed $2.5 million.
The bill also expands the types of buildings eligible for rehabilitation by decreasing the rehabilitation threshold from 100% to 50% of project expenses. It also eliminates the basis adjustment requirement for the credit and modifies rules relating to tax-exempt use property eligible for the credit.
Cosponsors 68
Members who signed on, in the order they did. Signatures ran from Mar 24, 2023 to Oct 4, 2024; 5 are original cosponsors, there from the day it was introduced.
| Seat | Cosponsor | Signed on | |
|---|---|---|---|
| D-NY | Brian Higgins | Original | Mar 24, 2023 |
| D-OR | Earl Blumenauer | Original | Mar 24, 2023 |
| R-OH | Michael R. Turner | Original | Mar 24, 2023 |
| R-PA | Mike Kelly | Original | Mar 24, 2023 |
| D-AL | Terri A. Sewell | Original | Mar 24, 2023 |
| R-TN | David Kustoff | Mar 27, 2023 | |
| D-WA | Derek Kilmer | Mar 27, 2023 | |
| D-TX | Lloyd Doggett | Mar 30, 2023 | |
| D-WA | Adam Smith | Apr 3, 2023 | |
| D-MI | Daniel T. Kildee | Apr 3, 2023 | |
| D-NC | Deborah K. Ross | Apr 3, 2023 | |
| D-IL | Bradley Scott Schneider | Apr 13, 2023 | |
| R-NY | Claudia Tenney | Apr 13, 2023 | |
| R-GA | A. Drew Ferguson IV | Apr 18, 2023 | |
| R-OH | Mike Carey | Apr 18, 2023 |
Committees 1
Where it was sent and what each committee and subcommittee did with it, in order.
| Chamber | Committee | What it did |
|---|---|---|
| House | Ways and Means Committee | Referred Mar 24, 2023 |
Actions 2
Everything that happened, newest first.
- Mar 24, 2023Introduced in House
- Mar 24, 2023Referred to the House Committee on Ways and Means.
In the Congressional Record 1
Days the Record’s own index lists this bill, newest first, with the pages and the members it names. Pages starting H are the House, S the Senate, E Extensions of Remarks.
| Where | In the Record | Members | Date |
|---|---|---|---|
| House | Debate and remarks H2510 | Brian Higgins D-NY | May 23, 2023 |
Research
What has been written about this bill: committee reports, cost estimates, the sponsor’s authority statement, printed hearings and the Congressional Research Service’s work.
Constitutional authority
The sponsor’s statement, as printed in the Congressional Record, vol. 169, no. 54, March 24, 2023, page H1438.
Printed hearings 1
Hearings whose printed record names this bill, newest first: hearings on it, and wider hearings where it came up.
| Number | Hearing | Committee | Held |
|---|---|---|---|
| S. Hrg. 118-679 | DEPARTMENT OF THE INTERIOR, ENVIRONMENT, AND RELATED AGENCIES APPROPRIATIONS FOR FISCAL YEAR 2025771 pages | Appropriations Committee | Apr 10, 2024–May 23, 2024 |
CRS reports 1
Congressional Research Service work that CRS links to this bill or the law it became, newest first.
Cite it 1
Products on other subjects that cite it, usually among other measures.
| Product | Title | Kind | Published |
|---|---|---|---|
| R45800 | The Federal Role in Historic Preservation: An Overview | Report | Mar 22, 2024 |
Related bills 1
Companion bills and other measures the record links to this one.
| Bill | Title | Relationship | Latest action |
|---|---|---|---|
| S 639 | Historic Tax Credit Growth and Opportunity Act of 2023 | Related bill | Mar 2, 2023 |
Titles 2
Every title it has carried, official and short, at each stage.
- Official Title as Introduced
- To amend the Internal Revenue Code of 1986 to modify the rehabilitation credit for certain small projects, to eliminate the requirement that the taxpayer's basis in a building be reduced by the amount of the rehabilitation credit determined with respect to such building, and for other purposes.
- Short Title(s) as Introduced
- Historic Tax Credit Growth and Opportunity Act of 2023
Subjects
Assigned by the Library of Congress. Policy area: Taxation.
Text 1
Each version as it was printed, newest first.
- Mar 24, 2023Introduced in House
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; cost estimates are the Congressional Budget Office's, and the hearings are the printed hearings GovInfo publishes, which can appear months after the hearing.
