Rural Historic Tax Credit Improvement Act

[AI summary unavailable — showing source text] [Congressional Bills 119th Congress] [From the U.S. Government Publishing Office] [S. 631 Introduced in Senate (IS)] <DOC> 119th CONGRESS 1st Session S. 631 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 February 19, 2025 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 provided in paragraph (3), for pur…