Section 1 Short title
This Act may be cited as the “Historic Tax Credit Enhancement Act”.
Historic Tax Credit Enhancement Act
A BILL
To amend the Internal Revenue Code of 1986 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.
Sec. 2 Elimination of rehabilitation credit basis adjustment
In general— Section 50(c) of the Internal Revenue Code of 1986 is amended by adding at the end the following new paragraph:
“(6) Exception for rehabilitation credit—In the case of the rehabilitation credit, paragraph (1) shall not apply.”
Treatment in case of credit allowed to lessee— Section 50(d) of such Code is amended by adding at the end the following: “In the case of the rehabilitation credit, paragraph (5)(B) of the section 48(d) referred to in paragraph (5) of this subsection shall not apply.”.
Effective date— The amendments made by this section shall apply to property placed in service after the date of the enactment of this Act.