This bill would change the Internal Revenue Code so certain rehabilitation costs for public school buildings can qualify for the federal historic rehabilitation tax credit. It adds a rule that the usual exclusion does not apply if a building was used as a public educational facility at any time during the 5 years before rehabilitation begins and is used as such immediately after rehabilitation. The bill also requires the Secretary of the Treasury to report to Congress within 5 years on how the change is used, including numbers of facilities, students served, expenditures, and related data. The change applies to property placed in service after the bill becomes law.
If you operate, own, or rehabilitate a public school building that meets the bill's timing and use rules, some rehabilitation expenditures may become eligible for the federal rehabilitation tax credit. That credit applies to qualifying renovation work on historic properties. The Treasury report required by the bill will provide data on how many school facilities and students benefit.
No publicly available information on projected federal budgetary costs or savings. The bill requires the Treasury to report within 5 years on (1) numbers of qualified public education facilities rehabilitated by State, (2) numbers of students using those facilities, (3) amounts of qualified rehabilitation expenditures per facility, and (4) any other data the Secretary finds useful. The amendment applies to property placed in service after enactment.
The bill's sponsors introduced the measure to allow rehabilitation expenditures for public school buildings to qualify for the rehabilitation credit. Sponsors include Representatives Dwight Evans, Danny Davis, Gwen Moore, Eleanor Norton, Mary Gay Scanlon, Janice Schakowsky, and others.
No publicly available information on opposition or arguments against the bill.