H.R. 2941House119th Congress (2025-2027)In Committee

Historic Tax Credit Growth and Opportunity Act of 2025

AI-Generated Summary

Updated November 24, 2025 at 1:01 AM UTC

The Historic Tax Credit Growth and Opportunity Act of 2025 upgrades the federal historic rehabilitation tax credit. It raises the standard credit to 20 % of qualified costs, adds a higher‑rate (30 %) credit for smaller projects that can be transferred, expands the types of buildings that qualify, and removes certain basis‑adjustment limitations. The changes apply to historic properties placed in service after the law’s enactment and affect owners, developers, and potential credit buyers.

Key Provisions

The standard historic rehabilitation credit is increased to 20 % of qualified expenses for buildings placed in service after Dec. 31, 2023.
A new “small project” rule lets qualifying projects (up to $3.75 million in rehab costs, $5 million in rural areas) claim a 30 % credit and permits the credit to be transferred, with a certification process and reporting requirements.
The definition of eligible buildings is expanded by allowing a credit based on 50 % of the building’s adjusted basis.
The usual basis‑adjustment rules that reduce the credit over time are removed for the rehabilitation credit, including special rules for lessees.
For tax‑exempt use property, disqualified‑lease restrictions apply only to government entities, not to other tax‑exempt owners.

Legislative Activity

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1 earlier action

HouseIntro Referral Latest Action

Referred to the House Committee on Ways and Means.

Ways and Means Committee

April 17, 2025

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HouseIntro Referral

Introduced in House

April 17, 2025

HouseIntro Referral

Referred to the House Committee on Ways and Means.

Ways and Means Committee

April 17, 2025

Floor Debate

1 member

What members said about H.R. 2941 on the floor

1 Republican

Rep. Monica De La CruzR-TX-15 · Dec 16, 2025

Under clause 7 of rule XII, sponsors were added to public bills and resolutions, as follows: H.R. 116: Mr. Jack. H.R. 154: Mr. Landsman. H.R. 158: Mr. Landsman. H.R. 220: Ms. Escobar. H.R. 251: Mr.…

Under clause 7 of rule XII, sponsors were added to public bills and resolutions, as follows:

H.R. 116: Mr. Jack.

H.R. 154: Mr. Landsman.

H.R. 158: Mr. Landsman.

H.R. 220: Ms. Escobar.

H.R. 251: Mr. Jack.

H.R. 253: Mr. Landsman.

H.R. 282: Ms. McDonald Rivet.

H.R. 349: Mr. Min and Ms. Escobar.

H.R. 397: Mr. Jeffries.

H.R. 429: Ms. McDonald Rivet.

H.R. 438: Mr. Riley of New York.

H.R. 485: Ms. McDonald Rivet.

H.R. 488: Ms. McDonald Rivet and Mr. Landsman.

H.R. 498: Mr. Davidson.

H.R. 516: Mr. Norman.

H.R. 520: Mr. Min.

H.R. 539: Mrs. Trahan.

H.R. 585: Mr. Riley of New York.

H.R. 718: Mr. Neguse.

H.R. 821: Ms. McDonald Rivet.

H.R. 865: Mr. Riley of New York.

H.R. 869: Ms. Budzinski.

H.R. 879: Mr. Vicente Gonzalez of Texas and Ms. Balint.

H.R. 921: Ms. McDonald Rivet.

H.R. 945: Ms. Bynum, Ms. McDonald Rivet, and Ms. Pingree.

H.R. 953: Mr. Min.

H.R. 1027: Mr. Subramanyam.

H.R. 1054: Ms. Budzinski.

H.R. 1055: Mr. Subramanyam.

H.R. 1078: Mr. Sessions and Mr. Davidson.

H.R. 1110: Ms. Perez.

H.R. 1162: Mr. Gill of Texas.

H.R. 1175: Ms. Balint.

H.R. 1181: Mr. Nunn of Iowa and Mr. Davidson.

H.R. 1241: Mr. Jack and Ms. Mace.

H.R. 1246: Ms. McDonald Rivet.

H.R. 1254: Ms. Pingree.

H.R. 1277: Ms. McDonald Rivet.

H.R. 1285: Mr. Wied.

H.R. 1329: Ms. Strickland, Ms. McBride, Mrs. Hayes, Ms.

Ansari, Mr. Crow, Ms. Gillen, Mr. Landsman, and Mr. McDowell.

H.R. 1361: Mr. Tran.

H.R. 1369: Ms. McDonald Rivet.

H.R. 1394: Mr. Tonko.

H.R. 1398: Mrs. Kim.

H.R. 1404: Ms. Escobar.

H.R. 1412: Mr. Lawler.

H.R. 1421: Mr. Tran.

H.R. 1464: Mr. Thompson of California.

H.R. 1475: Mr. Neguse.

H.R. 1492: Mr. Smith of Nebraska.

H.R. 1502: Ms. McDonald Rivet.

H.R. 1522: Mr. McGarvey.

H.R. 1529: Ms. Balint.

H.R. 1546: Ms. McDonald Rivet.

H.R. 1564: Mr. Harder of California.

H.R. 1576: Mr. Landsman.

H.R. 1628: Ms. Salazar, Mr. Kelly of Pennsylvania, Mr.

Brecheen, Mr. Bell, and Mr. Norcross.

H.R. 1659: Mr. Riley of New York and Mr. Sorensen.

H.R. 1661: Ms. Balint and Mr. Keating.

H.R. 1695: Mr. Sorensen.

H.R. 1775: Mr. Moran.

H.R. 1810: Mr. Morelle.

H.R. 1960: Mr. Min.

H.R. 1983: Ms. Norton.

H.R. 1986: Ms. McDonald Rivet.

H.R. 1991: Ms. McDonald Rivet.

H.R. 1993: Mr. Crenshaw, Mrs. Hinson, and Ms. Davids of

Kansas.

H.R. 2028: Mr. Conaway.

H.R. 2036: Mr. Kean and Mr. Casten.

H.R. 2055: Ms. Morrison.

H.R. 2062: Mr. Moore of North Carolina.

H.R. 2068: Mr. Neguse.

H.R. 2094: Mr. Sorensen.

H.R. 2141: Ms. McDonald Rivet.

H.R. 2152: Ms. McDonald Rivet.

H.R. 2154: Mr. Landsman.

H.R. 2165: Mr. LaHood.

H.R. 2192: Mr. Nadler and Mr. Bera.

H.R. 2199: Mr. Feenstra.

H.R. 2232: Mr. Riley of New York.

H.R. 2244: Mr. Neguse.

H.R. 2253: Ms. Kamlager-Dove.

H.R. 2257: Ms. McDonald Rivet.

H.R. 2315: Mr. Jack.

H.R. 2370: Mr. Landsman.

H.R. 2402: Mr. Cisneros and Ms. Sewell.

H.R. 2467: Ms. Lofgren.

H.R. 2496: Mr. Messmer.

H.R. 2531: Mr. Casar.

H.R. 2672: Mr. Min.

H.R. 2678: Ms. Dean of Pennsylvania, Ms. Ross, and Mr.

McGovern.

H.R. 2680: Ms. Budzinski.

H.R. 2703: Mr. Quigley.

H.R. 2705: Mr. Jack and Ms. Mace.

H.R. 2716: Mrs. Miller-Meeks.

H.R. 2718: Mrs. Foushee.

H.R. 2727: Ms. Escobar.

H.R. 2728: Mr. Fields.

H.R. 2731: Ms. McDonald Rivet.

H.R. 2736: Ms. Johnson of Texas.

H.R. 2799: Mr. Evans of Pennsylvania.

H.R. 2829: Ms. Salinas.

H.R. 2878: Ms. McDonald Rivet.

H.R. 2902: Mrs. Hayes.

H.R. 2941: Mr. Sorensen.

H.R. 2947: Ms. Simon.

H.R. 2986: Mr. Quigley.

H.R. 3028: Ms. Johnson of Texas.

H.R. 3184: Ms. Lofgren and Mr. Turner of Ohio.

H.R. 3206: Mr. Reschenthaler.

H.R. 3246: Mr. Min.

H.R. 3261: Mr. Casar.

H.R. 3277: Mr. Vasquez.

H.R. 3316: Mr. Carson.

H.R. 3333: Mr. Thanedar.

H.R. 3337: Ms. McDonald Rivet.

H.R. 3350: Ms. McDonald Rivet.

H.R. 3367: Ms. Budzinski.

H.R. 3447: Mr. Cline and Mr. Landsman.

H.R. 3497: Mr. Correa, Ms. Salazar, Ms. Lois Frankel of

Florida, Ms. Lee of Florida, Mr. Schmidt, and Mr.

Fitzpatrick.

H.R. 3513: Mr. Larson of Connecticut.

H.R. 3514: Mr. Menendez.

H.R. 3526: Mrs. Miller-Meeks.

H.R. 3534: Mr. Landsman.

H.R. 3565: Ms. Salinas.

H.R. 3604: Mr. Goldman of New York.

H.R. 3629: Mr. Vasquez.

H.R. 3694: Mr. Case.

H.R. 3699: Mr. Huizenga.

H.R. 3740: Ms. Balint and Ms. Lofgren.

H.R. 3791: Mr. Neguse.

H.R. 3793: Mr. Goldman of New York.

H.R. 3858: Mr. Hunt.

H.R. 3867: Mr. Rutherford.

H.R. 3868: Mr. Neal.

H.R. 3885: Ms. Lee of Nevada.

H.R. 3931: Ms. Davids of Kansas.

H.R. 3959: Mr. Sessions.

H.R. 4083: Ms. McDonald Rivet.

H.R. 4130: Mr. Sessions.

H.R. 4141: Mr. Min.

H.R. 4151: Mr. Carter of Louisiana.

H.R. 4164: Ms. McDonald Rivet.

H.R. 4167: Mr. Mackenzie.

H.R. 4169: Ms. Perez.

H.R. 4176: Ms. Budzinski.

H.R. 4194: Mr. Williams of Texas.

H.R. 4206: Mr. Boyle of Pennsylvania, Mr. Rutherford, and

Ms. De La Cruz.

H.R. 4231: Mr. Smith of Washington.

H.R. 4242: Mr. Murphy.

H.R. 4291: Mr. Self.

H.R. 4299: Mr. Fitzpatrick.

H.R. 4317: Mr. Joyce of Pennsylvania, Mr. Babin, and Mr.

Davis of North Carolina.

H.R. 4464: Mr. Conaway.

H.R. 4521: Ms. McDonald Rivet.

H.R. 4582: Mr. Levin, Mr. Thompson of California, and Ms.

Escobar.

H.R. 4583: Mr. Levin, Mr. Thompson of California, and Ms.

Escobar.

H.R. 4585: Mr. Vasquez.

H.R. 4606: Mr. Crow.

H.R. 4611: Ms. Friedman.

H.R. 4640: Mr. Goldman of New York.

H.R. 4646: Mr. Davidson.

H.R. 4660: Mr. Harder of California and Mr. Davidson.

H.R. 4662: Mr. Takano, Mr. Whitesides, Mr. Vargas, Mr.

Lieu, Mr. Levin, Ms. Lofgren, and Ms. McDonald Rivet.

H.R. 4677: Ms. McDonald Rivet.

H.R. 4710: Mr. Moran.

H.R. 4721: Mr. Neguse.

H.R. 4810: Mr. Davidson.

H.R. 4821: Mr. Neal.

H.R. 4921: Mr. Cisneros.

H.R. 4945: Ms. McDonald Rivet.

H.R. 4950: Mr. Landsman.

H.R. 4982: Ms. McDonald Rivet.

H.R. 4989: Mr. Davidson.

H.R. 5068: Ms. Johnson of Texas.

H.R. 5106: Mr. Langworthy.

H.R. 5235: Ms. Perez.

H.R. 5263: Mr. Davidson.

H.R. 5269: Ms. Pou and Mr. Edwards.

H.R. 5271: Ms. Ross, Mr. Raskin, Mr. Swalwell, and Mr.

Beyer.

H.R. 5282: Mr. Neguse and Ms. McDonald Rivet.

H.R. 5309: Ms. Pressley, Ms. McDonald Rivet, Ms. Pingree,

and Ms. Rivas.

H.R. 5387: Mr. Min.

H.R. 5390: Ms. Pou and Mr. Meeks.

H.R. 5415: Mr. Harrigan, Mr. Kelly of Pennsylvania, Ms.

Ross, and Mr. Thompson of Pennsylvania.

H.R. 5434: Ms. Meng, Ms. Sewell, Mr. Soto, and Ms. Pingree.

H.R. 5438: Mrs. Harshbarger and Mr. Perry.

H.R. 5461: Ms. Friedman.

H.R. 5469: Ms. McDonald Rivet and Mr. Conaway.

H.R. 5509: Ms. Gillen, Mr. Krishnamoorthi, Mr. Davis of

North Carolina, Mr. Correa, and Mrs. Luna.

H.R. 5521: Ms. McDonald Rivet.

H.R. 5543: Mr. Whitesides.

H.R. 5638: Mr. Begich.

H.R. 5641: Ms. McDonald Rivet.

H.R. 5767: Mr. Williams of Texas and Mr. Babin.

H.R. 5791: Ms. DelBene.

H.R. 5835: Ms. Randall.

H.R. 5861: Mrs. Dingell.

H.R. 5867: Ms. Escobar.

H.R. 5870: Mr. Obernolte.

H.R. 5910: Ms. Ansari.

H.R. 5934: Ms. McDonald Rivet.

H.R. 5939: Ms. McDonald Rivet.

H.R. 5940: Ms. Pingree.

H.R. 5951: Mr. Thompson of California.

H.R. 5972: Mr. Cleaver.

H.R. 5983: Ms. Jayapal.

H.R. 5993: Ms. McDonald Rivet.

H.R. 6006: Ms. McDonald Rivet.

H.R. 6020: Ms. Budzinski.

H.R. 6056: Mr. Crow, Mr. Aguilar, Ms. Sewell, and Mr.

Morelle.

H.R. 6093: Ms. Budzinski.

H.R. 6099: Ms. McDonald Rivet.

H.R. 6108: Ms. Pingree.

H.R. 6109: Ms. Pingree.

H.R. 6110: Ms. Pingree.

H.R. 6111: Ms. Pingree.

H.R. 6119: Ms. McDonald Rivet.

H.R. 6121: Mr. Owens and Ms. Norton.

H.R. 6123: Ms. King-Hinds.

H.R. 6126: Ms. McDonald Rivet.

H.R. 6128: Mr. Soto.

H.R. 6130: Mr. Soto, Mr. Neguse, and Mrs. Hayes.

H.R. 6152: Mr. Min.

H.R. 6164: Mr. Aguilar.

H.R. 6170: Mr. Vindman.

H.R. 6181: Mr. Bera, Ms. Balint, Mr. Torres of New York,

and Mr. Aguilar.

H.R. 6182: Ms. Escobar.

H.R. 6213: Mr. Owens.

H.R. 6219: Mr. Smith of New Jersey.

H.R. 6228: Mr. Garcia of California.

H.R. 6231: Mr. Murphy and Ms. Brownley.

H.R. 6245: Ms. Escobar.

H.R. 6259: Ms. McDonald Rivet.

H.R. 6261: Mr. Vindman.

H.R. 6268: Mr. Krishnamoorthi.

H.R. 6293: Mr. Davidson.

H.R. 6366: Mr. Obernolte and Ms. Ross.

H.R. 6422: Mr. LaLota.

H.R. 6425: Ms. McDonald Rivet.

H.R. 6432: Ms. McDonald Rivet.

H.R. 6434: Ms. McBride and Mr. Goldman of New York.

H.R. 6436: Mr. Vindman.

H.R. 6440: Mr. Garcia of Illinois and Ms. DelBene.

H.R. 6444: Mr. Vindman.

H.R. 6448: Ms. Plaskett.

H.R. 6449: Ms. McDonald Rivet.

H.R. 6450: Mr. Vindman.

H.R. 6468: Mr. Vindman.

H.R. 6475: Mr. Vindman.

H.R. 6498: Mr. Vindman.

H.R. 6501: Ms. Wilson of Florida.

H.R. 6521: Mr. Vargas.

H.R. 6529: Mr. Thanedar.

H.R. 6541: Mr. Davidson.

H.R. 6543: Mr. Vindman.

H.R. 6546: Mr. Davidson.

H.R. 6547: Mr. Foster and Mr. Rose.

H.R. 6550: Mr. Rose, Mr. Sessions, and Mr. Davidson.

H.R. 6551: Mr. Gottheimer.

H.R. 6552: Mr. Gottheimer, Mr. Sessions, and Mr. Davidson.

H.R. 6553: Mr. Sessions and Mr. Nunn of Iowa.

H.R. 6554: Mr. Sessions and Mr. Nunn of Iowa.

H.R. 6555: Mr. Gottheimer.

H.R. 6556: Mr. Gottheimer.

H.R. 6574: Mr. Goldman of New York, Ms. DelBene, Mr.

Subramanyam, Ms. Meng, Ms. Plaskett, Mrs. Dingell, Ms.

Pingree, Ms. Titus, and Mr. Evans of Pennsylvania.

H.R. 6597: Mrs. McClain Delaney.

H.R. 6608: Mr. Bacon.

H.R. 6624: Mr. Gill of Texas and Mrs. McClain Delaney.

H.R. 6670: Mr. Haridopolos and Mr. Goldman of New York.

H.R. 6675: Mr. Gill of Texas.

H.R. 6677: Mr. Case.

H.R. 6678: Mr. Fitzpatrick.

H.R. 6707: Mrs. Miller of West Virginia.

H.R. 6724: Mr. Mannion.

H.J. Res. 13: Ms. Bonamici.

H. Con. Res. 12: Mr. Dunn of Florida and Mr. Tran.

H. Con. Res. 64: Ms. Goodlander, Mr. Espaillat, and Ms.

Hoyle of Oregon.

H. Res. 297: Ms. Budzinski.

H. Res. 381: Mr. Conaway.

H. Res. 704: Mr. Thanedar.

H. Res. 733: Mr. Conaway.

H. Res. 843: Mr. Smith of New Jersey.

H. Res. 931: Ms. McDonald Rivet.

Rep. Monica De La CruzR-TX-15 · May 6, 2025

Under clause 7 of rule XII, sponsors were added to public bills and resolutions, as follows: H.R. 116: Ms. Boebert. H.R. 151: Ms. Van Duyne. H.R. 255: Mr. Gill of Texas, Mr. Self, and Ms. Crockett.…

Under clause 7 of rule XII, sponsors were added to public bills and resolutions, as follows:

H.R. 116: Ms. Boebert.

H.R. 151: Ms. Van Duyne.

H.R. 255: Mr. Gill of Texas, Mr. Self, and Ms. Crockett.

H.R. 404: Mr. Wied.

H.R. 429: Mr. Suozzi.

H.R. 479: Ms. Boebert.

H.R. 556: Mr. Wied.

H.R. 574: Mr. Van Drew, Mrs. Miller-Meeks, Mr. Stauber, and

Mr. Fitzpatrick.

H.R. 628: Ms. Davids of Kansas.

H.R. 659: Mr. Soto, Mrs. Ramirez, and Mr. Garcia of

California.

H.R. 740: Ms. Malliotakis and Mr. Kustoff.

H.R. 802: Ms. Bonamici.

H.R. 833: Mr. Hamadeh of Arizona, Mr. Moran, Mr. Barr, and

Mr. Burlison.

H.R. 842: Mr. Kiley of California and Ms. Stansbury.

H.R. 909: Mr. Subramanyam and Ms. Schakowsky.

H.R. 914: Ms. McDonald Rivet.

H.R. 942: Mr. Bresnahan and Ms. Davids of Kansas.

H.R. 956: Mr. Biggs of Arizona.

H.R. 1004: Ms. Elfreth and Ms. Kelly of Illinois.

H.R. 1024: Mr. Moran.

H.R. 1041: Mr. Ezell, Mr. Hurd of Colorado, Mr. Cline, and

Ms. De La Cruz.

H.R. 1086: Mrs. Miller-Meeks.

H.R. 1106: Mr. Himes.

H.R. 1151: Mr. Rose.

H.R. 1181: Ms. Fedorchak.

H.R. 1232: Mr. James and Mr. Pfluger.

H.R. 1241: Ms. Boebert.

H.R. 1262: Mrs. Hinson and Mr. Garamendi.

H.R. 1286: Mrs. Fischbach.

H.R. 1329: Mr. Burchett and Mr. McCaul.

H.R. 1330: Mr. Suozzi.

H.R. 1357: Mr. Morelle.

H.R. 1378: Mr. Rogers of Kentucky and Mr. Garbarino.

H.R. 1400: Ms. Perez.

H.R. 1415: Mr. Schmidt and Mr. Weber of Texas.

H.R. 1505: Mr. Min.

H.R. 1509: Ms. Houlahan, Mr. Carbajal, Ms. Lee of Florida,

and Mr. Fry.

H.R. 1521: Mr. Harder of California.

H.R. 1539: Mr. Bilirakis.

H.R. 1636: Mr. Thompson of Mississippi.

H.R. 1659: Ms. Budzinski.

H.R. 1676: Mr. Haridopolos.

H.R. 1682: Mr. James.

H.R. 1695: Mr. Rutherford.

H.R. 1709: Mr. Nunn of Iowa.

H.R. 1775: Ms. Stansbury.

H.R. 1822: Mr. Owens.

H.R. 1868: Ms. Williams of Georgia.

H.R. 1882: Mr. Gill of Texas.

H.R. 1909: Mr. Wittman.

H.R. 1918: Ms. McBride.

H.R. 2028: Ms. Van Duyne and Ms. McBride.

H.R. 2033: Ms. Malliotakis.

H.R. 2109: Mr. Costa.

H.R. 2126: Mr. Brecheen and Mr. James.

H.R. 2145: Ms. Davids of Kansas.

H.R. 2160: Mr. Schmidt.

H.R. 2189: Mr. Fry.

H.R. 2199: Ms. McBride.

H.R. 2230: Ms. Malliotakis.

H.R. 2253: Mr. Frost.

H.R. 2290: Mr. Garamendi.

H.R. 2294: Ms. McBride.

H.R. 2311: Mr. Jackson of Illinois.

H.R. 2315: Ms. Boebert.

H.R. 2355: Mr. Mann.

H.R. 2395: Ms. Hageman.

H.R. 2514: Ms. Budzinski.

H.R. 2531: Mr. Larson of Connecticut and Ms. Stansbury.

H.R. 2536: Mr. Riley of New York.

H.R. 2538: Ms. Stansbury and Mr. Graves.

H.R. 2550: Mr. Clyburn.

H.R. 2599: Mr. Issa.

H.R. 2623: Mr. Wied.

H.R. 2687: Ms. Pelosi.

H.R. 2705: Mr. Collins and Ms. Boebert.

H.R. 2729: Mr. Stauber, Mr. Rose, Mrs. Radewagen, and Mr.

Peters.

H.R. 2736: Mrs. Sykes.

H.R. 2753: Ms. Chu, Mr. Johnson of Georgia, Ms. Goodlander,

Mr. Meeks, Mr. Courtney, Ms. Escobar, Ms. Dexter, and Mr.

Pocan.

H.R. 2761: Mr. Goldman of New York.

H.R. 2767: Ms. Norton.

H.R. 2781: Mr. Bishop.

H.R. 2788: Mr. Cohen.

H.R. 2841: Ms. Boebert.

H.R. 2904: Mrs. Cherfilus-McCormick.

H.R. 2941: Mr. Krishnamoorthi.

H.R. 2969: Mr. Cline.

H.R. 2979: Mr. Fitzpatrick.

H.R. 3033: Mr. Pfluger.

H.R. 3036: Mr. Takano.

H.R. 3043: Mr. McGuire.

H.R. 3048: Mr. Fitzpatrick.

H.R. 3098: Mr. Correa.

H.R. 3107: Mr. Bishop.

H.R. 3112: Ms. Perez, Mr. Peters, Mrs. Cherfilus-McCormick,

and Mr. Sherman.

H.R. 3128: Ms. Sewell.

H.R. 3131: Mr. Rogers of Kentucky.

H.R. 3142: Mr. Bacon.

H.R. 3177: Mr. Steube.

H.R. 3179: Ms. Van Duyne and Mr. Self.

H.R. 3195: Mr. Rogers of Alabama.

H.R. 3199: Ms. Omar, Ms. Meng, Mr. Boyle of Pennsylvania,

Mr. Mullin, and Mr. Sherman.

H.R. 3204: Mr. Neguse.

H.J. Res. 38: Mr. Steube.

H. Res. 155: Ms. Pingree.

H. Res. 166: Ms. Norton.

H. Res. 267: Mr. Davis of Illinois, Mr. Garcia of

California, Mr. Thompson of Mississippi, Ms. McClellan, Mr.

Bacon, Mr. Torres of New York, Mrs. Hayes, Ms. Ansari, Ms.

Tlaib, Ms. Stansbury, Mr. Johnson of Georgia, Ms. Titus, Mr.

Soto, and Mr. Fields.

H. Res. 364: Mr. Thompson of Pennsylvania, Ms. Malliotakis,

Mr. Fallon, and Mr. Kustoff.

H. Res. 380: Mr. Pocan, Mr. Thanedar, Ms. McCollum, and Ms.

Tokuda.

Bill Text

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Introduced in HouseIssued April 17, 2025

119th CONGRESS

1st Session

H. R. 2941

IN THE HOUSE OF REPRESENTATIVES

April 17, 2025

Mr. LaHood (for himself and Mr. Suozzi) introduced the following bill; which was referred to the Committee on Ways and Means

A BILL

To amend the Internal Revenue Code of 1986 to improve the historic rehabilitation tax credit, and for other purposes.

Short title

This Act may be cited as the Historic Tax Credit Growth and Opportunity Act of 2025.

Full credit allowed in the year building placed in service

(a)

In general

Section 47(a) of the Internal Revenue Code of 1986 is amended to read as follows:

(a)

General rule

For purposes of section 46, the rehabilitation credit for any taxable year is 20 percent of the qualified rehabilitation expenditures.

(b)

Effective date

The amendment made by this section shall apply to property placed in service after December 31, 2023.

Increase in the rehabilitation credit for certain small projects

(a)

In general

Section 47 of the Internal Revenue Code of 1986 is amended by adding at the end the following new subsection:

(e)

Special rule regarding certain small projects

(1)

In general

In the case of any qualifying small project with respect to which there is an election in effect under this subsection—

(A)

the total qualified rehabilitation expenditures taken into account for purposes of this section with respect to the rehabilitation shall not exceed $3,750,000,

(B)

subsection (a) shall be applied by substituting 30 percent for 20 percent, and

(C)

subject to paragraph (4) and such regulations or other guidance as the Secretary may provide, the taxpayer may transfer all or a portion of the credit determined under this section with respect to such qualifying small project.

(2)

Qualifying small project

For purposes of this subsection, the term qualifying small project means any qualified rehabilitated building or portion thereof if—

(A)

such building is placed in service after the date of the enactment of this subsection, and

(B)

no credit was allowed under this section (other than a credits allowed by reason of subsection (d)) for either of the two immediately preceding taxable years with respect to such building.

(3)

Special rule for rural projects

(A)

In general

In the case of any qualifying small project in a rural area, paragraph (1)(A) shall be applied by substituting $5,000,000 for $3,750,000.

(B)

Rural area

For purposes of this subparagraph, the term rural area means any area other than—

(i)

a city or town that has a population of greater than 50,000 inhabitants, or

(ii)

the urbanized area contiguous and adjacent to a city or town described in clause (i), as defined by the Bureau of the Census based on the latest decennial census of the United States.

(4)

Transfer of credit for qualifying small projects

(A)

Certification

(i)

In general

A transfer under paragraph (1)(C) shall be accompanied by a certificate which includes—

(I)

the certification for the certified historic structure referred to in subsection (c)(3),

(II)

the taxpayer’s name, address, tax identification number, date of project completion, and the amount of credit being transferred,

(III)

the transferee’s name, address, tax identification number, and the amount of credit being transferred, and

(IV)

such other information as may be required by the Secretary.

(ii)

Transferability of certificate

A certificate issued under this subsection to a taxpayer shall be transferable to any other taxpayer.

(B)

Tax treatment relating to certificate

(i)

Disallowance of deduction

No deduction shall be allowed for the amount of consideration paid or incurred by the transferee.

(ii)

Allowance of credit

The amount of credit transferred under paragraph (1)(C)—

(I)

shall not be allowed to the transferor for any taxable year, and

(II)

shall be allowable to the transferee as a credit determined under this section for the taxable year of the transferee in which such credit is transferred.

(iii)

Exclusion

Gross income shall not include any amount received in connection with the transfer of the certificate.

(C)

Recapture and other special rules

The taxpayer who claims a credit determined under this section by reason of a transfer of an amount of credit under paragraph (1)(A) with respect to an applicable rural project shall be treated as the taxpayer with respect to such project for purposes of section 50.

(D)

Information reporting

The transferor and the transferee shall each make such reports regarding the transfer of an amount of credit under paragraph (1)(C) and containing such information as the Secretary may require. The reports required by this subparagraph shall be filed at such time and in such manner as may be required by the Secretary.

(E)

Regulations

The Secretary shall prescribe regulations or other guidance to carry out paragraph (1)(C) and this paragraph in a manner which is consistent with applicable requirements with respect to transfer of credits under section 6418.

(5)

Election

An election under this subsection shall be made at such time and in such manner as the Secretary may by regulations prescribe.

(b)

Effective date

The amendment made by this section shall apply to property placed in service after the date of the enactment of this Act.

Increasing the type of buildings eligible for rehabilitation

(a)

In general

Section 47(c)(1)(B)(i)(I) of the Internal Revenue Code of 1986 is amended by inserting 50 percent of before the adjusted basis.

(b)

Effective date

The amendment made by subsection (a) shall apply to property placed in service after the date of the enactment of this Act.

Elimination of rehabilitation credit basis adjustment

(a)

In general

Section 50(c) of the Internal Revenue Code of 1986 is amended by adding at the end the following new paragraph:

(6)

Exception for rehabilitation credit

In the case of the rehabilitation credit, paragraph (1) shall not apply.

(b)

Treatment in case of credit allowed to lessee

Section 50(d) of such Code is amended by adding at the end the following: In the case of the rehabilitation credit, paragraph (5)(B) of the section 48(d) referred to in paragraph (5) of this subsection shall not apply..

(c)

Effective date

The amendments made by this section shall apply to property placed in service after the date of the enactment of this Act.

Modifications regarding certain tax-exempt use property

(a)

In general

Section 47(c)(2)(B)(v) of the Internal Revenue Code of 1986 is amended by adding at the end the following new subclause:

(III)

Disqualified lease rules to apply only in case of government entity

For purposes of subclause (I), except in the case of a tax-exempt entity described in section 168(h)(2)(A)(i), the determination of whether property is tax-exempt use property shall be made under section 168(h) without regard to whether the property is leased in a disqualified lease (as defined in section 168(h)(1)(B)(ii)).

(b)

Effective date

The amendments made by this section shall apply to property placed in service after the date of the enactment of this Act.