From Preservation Action:

Sen. Shelley Moore Capito (R-WV) and Sen. Mark Warner (D-VA) recently introduced the Rural Historic Tax Credit Improvement Act (S. 631, H.R. 1454) in the Senate. This bill would makes several changes to the Historic Tax Credit (HTC) aimed at streamlining processes, reducing cost burdens to rural property owners and developers, and provide affordable housing incentives. Rep. Mike Carey (R-OH) and Rep. Steven Horsford (D-NV) introduced companion legislation in the House.

This bill would increase the HTC from 20% to 30% for projects in rural areas, further bump up the credit to 40% for affordable housing creation, allow the credit to be taken in the first year for small and rural projects, and would eliminate the basis adjustment. All of these changes would help improve the HTC and make it more beneficial for smaller and rural projects, where projects are often less financially viable.

Preservation Action appreciates the support and leadership from Senators Capito and Warner and Representatives Carey and Horsford in strengthening the HTC. We expect many of these provisions to also be included in the Historic Tax Credit Growth and Opportunity Act. We are working with champions on that legislation and are expecting introduction soon.

Learn More: https://www.capito.senate.gov/news/press-releases/capito-warner-reintroduce-the-rural-historic-tax-credit-improvement-act