Bill · H.R. 2941· House(119-HR-2941)

Historic Tax Credit Growth and Opportunity Act of 2025

Age: 58 years

Illinois

Introduced: 4/17/2025
Last activity: 4/17/2025 — Referred to the House Committee on Ways and Means.
Sponsored by: Darin LaHood
Cosponsors: - 12 - 44

Taxation

Introduced
In Committee

What this bill would do

This legislation is known as the Historic Tax Credit Growth and Opportunity Act of 2025. It amends the Internal Revenue Code of 1986 to improve the historic rehabilitation tax credit. The bill allows the full credit in the year a building is placed in service. It also increases the rehabilitation credit for certain small projects. Additionally, the bill increases the types of buildings eligible for rehabilitation and eliminates the rehabilitation credit basis adjustment. Finally, it makes modifications regarding certain tax-exempt use property.

Yes· 3 of 10

Does this make it easier to run a small business?+5
Small projects receive a higher tax credit of 30 percent to support local redevelopment efforts.
Would business owners be better off under this?+5
The increased credit and transferability provides significant incentives for small business developers.
Does this cut taxes for small businesses?+4
The bill increases the tax credit for small projects, effectively reducing the tax burden on small-scale rehabilitation investments.