I 118th CONGRESS 1st Session H. R. 5882 IN THE HOUSE OF REPRESENTATIVES October 3, 2023 Mr. Carey (for himself and Mr. Schneider ) introduced the following bill October 25, 2023 Referred to the Committee on Ways and Means A BILL To amend the Internal Revenue Code of 1986 to modify the rehabilitation credit to allow such credit to be taken in one taxable year.

1. Reinstatement of one-year rehabilitation credit (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 with respect to any certified historic structure. . (b) Effective date The amendments made by this section shall apply to amounts paid or incurred after December 31, 2023.