Rural Historic Tax Credit Improvement Act

[AI summary unavailable — showing source text] [Congressional Bills 118th Congress] [From the U.S. Government Publishing Office] [S. 5607 Introduced in Senate (IS)] <DOC> 118th CONGRESS 2d Session S. 5607 To amend the Internal Revenue Code of 1986 to enhance the rehabilitation credit for buildings in rural areas. _______________________________________________________________________ IN THE SENATE OF THE UNITED STATES December 19 (legislative day, December 16), 2024 Mrs. Capito (for herself and Mr. Warner) introduced the following bill; which was read twice and referred to the Committee on Finance _______________________________________________________________________ A BILL To amend the Internal Revenue Code of 1986 to enhance the rehabilitation credit for buildings in rural areas. Be it enacted by the Senate and House of Representatives of the United States of America in Congress assembled, SECTION 1. SHORT TITLE. This Act may be cited as the ``Rural Historic Tax Credit Improvement Act''. SEC. 2. ENHANCEMENT OF REHABILITATION CREDIT FOR BUILDINGS IN RURAL AREAS. (a) In General.--Section 47(a) of the Internal Revenue Code of 1986 is amended-- (1) in paragraph (1), by striking ``For purposes'' and inserting ``Except as pr…