Lets property owners get more tax credit for restoring historic buildings.
This bill would make it easier and more rewarding for people to restore old buildings. Property owners could claim a larger tax credit sooner, avoid a tax penalty, and get bigger credits for smaller projects, especially in rural areas. This aims to encourage more historic preservation.
Today, the historic rehabilitation tax credit is 20 percent of project costs, but it might be spread over several years, and the building's tax value must be reduced by the credit amount. To qualify, renovation costs must exceed 100 percent of the building's adjusted value. If this bill becomes law, the 20 percent credit would be fully available in the year the building is ready. Additionally, the tax value would not be reduced, and buildings could qualify if renovation costs exceed just 50 percent of the adjusted value. Small projects would also see an increased credit of 30 percent, up to $3,750,000 in costs, or $5,000,000 in rural areas, and these credits could be transferred.
S 1459 · 119th Congress · April 10, 2025 · AI Summary by gemini-2.5-flash · 10/10
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9 filings mentioned this bill
Amounts reflect total quarterly lobbying spend reported to the Senate, not bill-specific spending. Source: Senate LDA filings.