U.S. Senator Ben Cardin (D-MD) recently introduced the Creating American Prosperity through Preservation (CAPP) Act (S. 1141) which would expand Section 47 of the Internal Revenue Code of 1986 which governs the federal Historic Tax Credit (HTC) program. Major provisions include: Section 2: Increase in the Rehabilitation Credit for Certain Smaller Projects. The bill proposes to add a new subsection to the HTC that increases the historic tax credit from 20 percent to 30 percent for smaller projects or those projects with qualified rehabilitation expenditures of less than $7.5 million. This change is meant to help aid rehabilitation of small buildings and projects in rural areas.
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