Sec. 135301. Determination of credit percentage
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/bill/117/hr/5376/rh/section-135301·A research copy — for the controlling text, always check the official state or federal source. Not legal advice.
Section 47(a)(2) is amended by striking 20 percent and inserting the applicable percentage . Section 47(a) is amended by adding at the end the following new paragraph: For purposes of this subsection, the term applicable percentage means the percentage determined in accordance with the following table: In the case of taxable years beginning: The applicable percentage is: Before 2020 20 percent In 2020 through 2025 30 percent In 2026 26 percent In 2027 23 percent After 2027 20 percent In the case of qualified rehabilitation expenditures with respect to the qualified rehabilitated building that are paid or incurred in 2 or more taxable years for which there is a different applicable percentage under paragraph (3), the ratable share shall be determined by applying to such expenditures the applicable percentage corresponding to the taxable year in which such expenditures were paid or incurred. .
The amendments made by this section shall apply to property placed in service after March 31, 2021.