1. Short title This Act may be cited as the Historic Tax Credit Improvement Act of 2017 . 2. 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 smaller projects (1) In general In the case of any qualified rehabilitated building or portion thereof— (A) which is placed in service after the date of the enactment of this subsection, and (B) which is a smaller project, subsection (a)(2) shall be applied by substituting 30 percent for 20 percent . (2) Maximum credit The credit determined under this subsection with respect to any smaller project for all taxable years shall not exceed $750,000. (3) Smaller project defined (A) In general For purposes of this subsection, the term smaller project means any qualified rehabilitated building or portion thereof if— (i) the qualified rehabilitation expenditures taken into account for purposes of this section (or would have been so taken into account if this subsection had been in effect for all prior periods) with respect to the rehabilitation are not over $3,750,000, and (ii) no credit was allowed under this section for either of the 2 prior taxable years with respect to such building. (B) Progress expenditures Credit allowable by reason of subsection (d) shall not be taken into account under subparagraph (A)(ii). . (b) Effective date The amendment made by this section shall apply to periods after the date of the enactment of this Act, under rules similar to the rules of section 48(m) of the Internal Revenue Code of 1986 (as in effect on the day before the date of the enactment of the Revenue Reconciliation Act of 1990). 3. Allowance for the transfer of credits for certain small projects (a) In general Section 47(e) of the Internal Revenue Code of 1986, as amended by section 2, is amended by adding at the end the following new subsection: (4) Transfer of smaller project credit (A) In general Subject to