A bill to amend the Internal Revenue Code of 1986 to establish refundable tax credits for expenses relating to ensuring safety and accessibility in historic structures.
Historic Downtown Preservation and Access Act This bill amends the Internal Revenue Code to allow refundable tax credits for 50% of the expenses paid or incurred by the taxpayer during the year for: (1) installing an elevator or a sprinkler system in a certified historic structure, and (2) hazardous substance (lead paint, radon, and asbestos) abatement services with respect to a certified historic structure. The amount of each of the two credits, with respect to any taxpayer, may not exceed $50,000 per year.
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Timeline
Introduced in Senate
Read twice and referred to the Committee on Finance. (Sponsor introductory remarks on measure: CR S3330)
Introduced in Senate
Read twice and referred to the Committee on Finance. (Sponsor introductory remarks on measure: CR S3330)
Taxation
Building constructionFiresHazardous wastes and toxic substancesHistoric sites and heritage areasIncome tax credits
A bill to amend the Internal Revenue Code of 1986 to establish refundable tax credits for expenses relating to ensuring safety and accessibility in historic structures.
USA115th CongressS-1306| Senate
| Updated: 6/7/2017
Historic Downtown Preservation and Access Act This bill amends the Internal Revenue Code to allow refundable tax credits for 50% of the expenses paid or incurred by the taxpayer during the year for: (1) installing an elevator or a sprinkler system in a certified historic structure, and (2) hazardous substance (lead paint, radon, and asbestos) abatement services with respect to a certified historic structure. The amount of each of the two credits, with respect to any taxpayer, may not exceed $50,000 per year.