Sec. 13402. Rehabilitation credit limited to certified historic structures

342 words·~2 min read·/bill/115/hr/1/eas/section-13402

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Subsection

(a)of section 47 is amended to read as follows: For purposes of section 46, for any taxable year during the 5-year period beginning in the taxable year in which a qualified rehabilitated building is placed in service, the rehabilitation credit for such year is an amount equal to the ratable share for such year. For purposes of paragraph (1), the ratable share for any taxable year during the period described in such paragraph is the amount equal to 20 percent of the qualified rehabilitation expenditures with respect to the qualified rehabilitated building, as allocated ratably to each year during such period. . Section 47(c) is amended— in paragraph (1)— in subparagraph (A), by amending clause

(iii)to read as follows: such building is a certified historic structure, and , by striking subparagraph (B), and by redesignating subparagraphs

(C)and

(D)as subparagraphs

(B)and (C), respectively, and in paragraph (2)(B), by amending clause

(iv)to read as follows: Any expenditure attributable to the rehabilitation of a qualified rehabilitated building unless the rehabilitation is a certified rehabilitation (within the meaning of subparagraph (C)). . Paragraph

(4)of section 145(d) is amended— by striking of section 47(c)(1)(C) each place it appears and inserting of section 47(c)(1)(B) , and by striking section 47(c)(1)(C)(i) and inserting section 47(c)(1)(B)(i) . Except as provided in paragraph (2), the amendments made by this section shall apply to amounts paid or incurred after December 31, 2017. In the case of qualified rehabilitation expenditures with respect to any building— owned or leased by the taxpayer during the entirety of the period after December 31, 2017, and with respect to which the 24-month period selected by the taxpayer under section 47(c)(1)(B) of the Internal Revenue Code of 1986 (as amended by subsection (b)) begins not later than 180 days after the date of the enactment of this Act, the amendments made by this section shall apply to such expenditures paid or incurred after the end of the taxable year in which the 24-month period referred to in subparagraph

(B)ends.