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 small 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 small project, subsection (a)(2) shall be applied by substituting 30 percent for 20 percent . (2) Maximum credit The credit under this section (after application of this subsection) with respect to any project for all taxable years shall not exceed $750,000. (3) Small project (A) In general For purposes of this subsection, the term small project means any certified historic structure or portion thereof if— (i) the total qualified rehabilitation expenditures taken into account for purposes of this section with respect to the rehabilitation do not exceed $3,750,000, and (ii) no credit was allowed under this section for either of the two immediately preceding 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 added by section 2, is amended by adding at the end the following new paragraph: (4) Transfer of small project credit (A) In general Subject to subparagraph (B) and such regulations or other guidance as the Secretary may provide, the