1. Short title This Act may be cited as the Revitalizing Downtowns Act . 2. Credit for qualified office conversion (a) In general Section 46 of the Internal Revenue Code of 1986 is amended by redesignating paragraph (7) as paragraph (8), by redesignating the paragraph (6) relating to the advanced manufacturing investment credits as paragraph (7), by striking and at the end of paragraph (7) (as so redesignated), by striking the period at the end of paragraph (8) (as so redesginated) and inserting , and , and by adding at the end the following new paragraph: (9) the qualified office conversion credit. . (b) Amount of credit Subpart E of part IV of subchapter A of chapter 1 of the Internal Revenue Code of 1986 is amended by inserting after section 48E the following new section: 48F. Qualified office conversion credit (a) In general For purposes of section 46, the qualified office conversion credit for any taxable year is equal to 20 percent of the qualified conversion expenditures with respect to a qualified converted building. (b) When expenditures taken into account (1) In general Qualified conversion expenditures with respect to any qualified converted building shall be taken into account for the taxable year in which such qualified converted building is placed in service. (2) Coordination with subsection (d) The amount which would (but for this subparagraph) be taken into account under subparagraph (A) with respect to any qualified converted building shall be reduced (but not below zero) by any amount of qualified conversion expenditures taken into account under subsection (d) by the taxpayer or a predecessor of the taxpayer (or, in the case of a sale and leaseback described in section 50(a)(2)(C), by the lessee), to the extent any amount so taken into account has not been required to be recaptured under section 50(a). (c) Definitions (1) Qualified converted building (A) In general The term qualified converted building means any building (and its structural components) if— (i) prior to conversion, such building