1. Short title
This Act may be cited as the “Rehabilitation of Historic Schools Act of 2021”.
Rehabilitation of Historic Schools Act of 2021
A BILL
To amend the Internal Revenue Code of 1986 to allow rehabilitation expenditures for public school buildings to qualify for rehabilitation credit.
2. Qualification of rehabilitation expenditures for public school buildings for rehabilitation credit
In general— Section 47(c)(2)(B)(v) of the Internal Revenue Code of 1986 is amended by adding at the end the following new subclause:
“(III) Clause not to apply to public schools—This clause shall not apply in the case of the rehabilitation of any building which was used as a qualified public educational facility (as defined in section 142(k)(1), determined without regard to subparagraph (B) thereof) at any time during the 5-year period ending on the date that such rehabilitation begins and which is used as such a facility immediately after such rehabilitation.”
Report— Not later than the date which is 5 years after the date of the enactment of this Act, the Secretary of the Treasury, after consultation with the heads of appropriate Federal agencies, shall report to Congress on the effects resulting from the amendment made by subsection (a).
Effective date— The amendment made by this section shall apply to property placed in service after the date of the enactment of this Act.