Senators Bill Cassidy (R-LA), Ben Cardin (D-MD), Susan Collins (R-ME) and Maria Cantwell (D-WA) introduced the Historic Tax Credit (HTC) Growth & Opportunity Act (S. 2615). The bill would eliminate the HTC basis adjustment requirement, increase the HTC from 20 percent to 30 percent for properties with rehabilitation expenses of less than $3.75 million (capped at $750,000), make it easier to meet the substantial rehabilitation test and create greater flexibility for nonprofits to partner with developers. This bill is a companion bill to the House version (H.R. 2825), except that the Senate bill does not allow the transfer of HTCs as a tax certificate in developments with qualified rehabilitation expenses of less than $2.5 million.
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