Last week Representative Earl Blumenauer (D-OR), along with Reps. Darrin LaHood (R-IL), Terri Sewell (D-AL), Mike Kelly (R-PA), Michael Turner (R-OH) and Brian Higgins (D-NY), introduced the Historic Tax Credit Growth and Opportunity (HTC-GO) Act, H.R. 2825.  The bill would:

  • Make it easier to do small deals (defined as qualified rehabilitation expenses of $2.5 million) by increasing the credit to 30 percent for these projects;
  • Make more buildings eligible for the credit by lowering the substantial rehabilitation test;
  • Eliminate the back-end basis adjustment that decreases the value of the credit; and
  • Make projects that house community health centers, local art centers, and community services easier to accomplish.