“To amend the Internal Revenue Code of 1986 to allow rehabilitation expenditures for public school buildings to qualify for rehabilitation credit.”
No CRS summary available for this bill.
This section expands eligibility for the rehabilitation tax credit under IRC §47 (i.e., a 20% credit for qualified rehabilitation expenditures on certified historic structures) by excluding public school buildings from a disqualifying clause in §47(c)(2)(B)(v). Specifically, the exclusion does not apply to rehabilitation of any building used as a qualified public educational facility (as defined in §142(k)(1), without regard to subparagraph (B)) at any time in the five-year period ending on the rehabilitation start date and immediately after rehabilitation. (Thus, taxpayers rehabilitating such public schools may claim the credit.) The section also directs the Secretary of the Treasury, after consultation with appropriate federal agencies, to report to Congress within five years of enactment on the amendment's effects, including (1) the number of rehabilitated qualified public educational facilities and students using them (by state), (2) such numbers for facilities in low-income communities (per §45D(e)(1)), (3) qualified rehabilitation expenditures per facility, and (4) other relevant data. The amendment applies to property placed in service after the date of enactment.