S.1141 - Creating American Prosperity through Preservation Act of 2013

A bill to amend the Internal Revenue Code of 1986 to expand the rehabilitation credit, and for other purposes. view all titles (2)

All Bill Titles

  • Official: A bill to amend the Internal Revenue Code of 1986 to expand the rehabilitation credit, and for other purposes. as introduced.
  • Short: Creating American Prosperity through Preservation Act of 2013 as introduced.

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Introduced
 
Senate
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House
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President
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06/11/13
 
 
 
 
 
 
 

Official Summary

Creating American Prosperity through Preservation Act of 2013 - Amends the Internal Revenue Code, with respect to tax credits for building rehabilitation expenditures, to: (1) allow an increased 30% credit for projects involving $7.5 million or less in rehabilitation expenditures, (2) provi

Official Summary

Creating American Prosperity through Preservation Act of 2013 - Amends the Internal Revenue Code, with respect to tax credits for building rehabilitation expenditures, to:
(1) allow an increased 30% credit for projects involving $7.5 million or less in rehabilitation expenditures,
(2) provide for an additional 2% credit amount for a building that is a qualified energy efficient rehabilitated building (increased energy efficiency of 30% or more),
(3) change the placed-in-service requirement for non-historic rehabilitated buildings from before 1936 to 50 years prior to the year in which qualified rehabilitation expenditures are taken into account, and
(4) exempt from tax the proceeds of a state historic tax credit.

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