A bill to amend the Internal Revenue Code of 1954 to provide an alternative test for qualification for the credit for rehabilitated buildings.

[AI summary unavailable — showing source text] Amends the Internal Revenue Code to allow an investment tax credit for rehabilitated buildings if: (1) 50 percent or more of the existing external walls are retained in place as external walls; (2) 75 percent or more of the existing external walls are retained in place (but not necessarily as external walls); (3) 95 percent of the existing internal structural framework is retained in place. (Present law requires that 75 percent or more of the external walls must be retained in the rehabilitation process.)…