Rural Historic Tax Credit Improvement Act
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Summary
This bill amends the Internal Revenue Code to enhance the rehabilitation tax credit for historic buildings located in rural areas. For rural projects, it increases the credit rate to 30% of qualified rehabilitation expenditures (or 40% if the project includes affordable housing), removes the standard credit limitation, and allows the credit to be transferred to other taxpayers. The bill also eliminates the basis adjustment requirement for rural rehabilitation credits and includes a recapture provision if affordable housing requirements are violated.
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