II
113th CONGRESS
1st Session
S. 1421
IN THE SENATE OF THE UNITED STATES
August 1, 2013
Mr. Leahy introduced the following bill; which was read twice and referred to the Committee on Finance
A BILL
To amend the Internal Revenue Code of 1986 to provide a refundable tax credit for the installation of sprinklers and elevators in historic structures.
Short title
This Act may be cited as the
Historic Downtown Preservation and
Access Act
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Credit for installation of sprinklers and elevators in historic buildings
In general
Subpart C of part IV of subchapter A of chapter 1 of the Internal Revenue Code of 1986 is amended by inserting after section 36B the following new section:
Historic building expenses
In general
There shall be allowed a credit against the tax imposed by this subtitle for the taxable year an amount equal to 50 percent of the qualified historic building expenses paid or incurred by the taxpayer during such taxable year.
Limitation
The credit allowed under subsection (a) with respect to any taxpayer for any taxable year shall not exceed $50,000.
Qualified historic building expenses
For purposes of this section—
In general
The term qualified historic building expenses means amounts paid or incurred to install in a certified historic structure an elevator system or a sprinkler system that meets the requirements found in the most recent edition of NFPA 13: Standard for the Installation of Sprinkler Systems.
National historic landmarks
In the case of a certified historic structure that is designated as a National Historic Landmark in accordance with section 101(a) of the National Historic Preservation Act (16 U.S.C. 470a(a)) and that is open to the public, the term qualified historic building expenses shall not include an expense described in paragraph (1), unless the installation of property described in such paragraph meets the requirements for a certified rehabilitation under section 47(c)(2)(C).
Certified historic structure
The term certified historic structure has the meaning given such term in section 47(c)(3), except that such term shall not include any structure which is a single-family residence.
.
Conforming amendments
Section 1324 of
title 31, United States Code, is amended by inserting , 36C
after , 36B
.
The table of sections for subpart C of part IV of subchapter A of chapter 1 of the Internal Revenue Code of 1986 is amended by inserting after the item relating to section 36B the following new item:
.
Effective date
The amendments made by this section shall apply to amounts paid or incurred in taxable years beginning after the date of the enactment of this Act.