Sec. 90302. Increase in the rehabilitation credit for certain small projects
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Section 47 is amended by adding at the end the following new subsection: In the case of any smaller project— the applicable percentage determined under subsection (a)(3) shall not be less than 30 percent, and the qualified rehabilitation expenditures taken into account under this section with respect to such project shall not exceed $2,500,000. For purposes of this subsection, the term smaller project means the rehabilitation of any qualified rehabilitated building if— the qualified rehabilitation expenditures taken into account under this section (or which would be so taken into account but for paragraph (1)(B)) with respect to such rehabilitation do not exceed $3,750,000, no credit was allowed under this section with respect to such building to any taxpayer for either of the 2 taxable years immediately preceding the first taxable year in which expenditures described in subparagraph
(A)were paid or incurred, and the taxpayer elects (at such time and manner as the Secretary may provide) to have this subsection apply with respect to such rehabilitation. . The amendment made by this section shall apply to taxable years beginning after December 31, 2019.