This bill expands and improves the federal historic tax credit, which encourages property owners to rehabilitate historic buildings. The legislation increases the standard credit from 20 percent to 30 percent for qualifying small projects (up to $3.75 million in rehabilitation costs, or $5 million in rural areas), allowing these credits to be transferred to other taxpayers who can use them. The bill also broadens eligibility by allowing more building types to qualify and removes certain tax penalties associated with claiming the credit. These changes take effect immediately for buildings placed in service after the bill's enactment, except for one provision applying retroactively to 2024. The bill is intended to make historic preservation more economically attractive and accessible to smaller developers and rural communities.
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