H.R.2941

The Historic Tax Credit Growth and Opportunity Act of 2025 amends the Internal Revenue Code to enhance the historic rehabilitation tax credit.

The bill amends the Internal Revenue Code to improve the historic rehabilitation tax credit. It allows full credit in the year the building is placed in service, increases the type of buildings eligible for rehabilitation, and modifies rules for tax-exempt use property. It also increases the rehabilitation credit for certain small projects, eliminates basis adjustment for rehabilitation credits, and mandates information reporting for credit transfers. The changes apply to property placed in service after the enactment date.