1. Short title
This Act may be cited as the “Urban Core Revitalization Act”.
Urban Core Revitalization Act
A BILL
To amend the Internal Revenue Code of 1986 to allow an enhanced credit for the rehabilitation of buildings located in low-income communities.
2. Enhanced rehabilitation credit for buildings located in low-income communities
In general— Subsection (a) of section 47 of the Internal Revenue Code of 1986 (relating to rehabilitation credit) is amended—
by striking “structure, and” in paragraph (1) and inserting “structure and other than a building to which paragraph (2) applies,”, and
by redesignating paragraph (2) as paragraph (3) and inserting after paragraph (1) the following new paragraph:
“(2) 15 percent of the qualified rehabilitation expenditures with respect to any qualified rehabilitated building (other than a certified historic structure) located in a low-income community, and”
Low-Income community buildings— Section 47 of such Code is amended by adding at the end the following new subsection:
“(e) Low-Income community buildings—For purposes of this section, the term low-income community has the meaning given to such term by section 45D(e), and the determination of whether a building is located in such a community shall be made as of the date that the physical work on the rehabilitation of the building begins.”
Effective date— The amendments made by this section shall apply with respect to rehabilitations the physical work on which begins after the date of enactment of this Act.