Establishes tax credits for large-scale rehabilitation of historic structures and "white elephant" housing projects.

The bill establishes the large projects historic rehabilitation tax credit and the "white elephant" housing historic rehabilitation projects tax credit program. It provides tax credits for qualified rehabilitation expenditures totaling fifty million dollars or more for certified historic structures that have been vacant for at least ten of fifteen consecutive years. The credits are subject to caps and eligibility criteria, including location within census tracts at or below the state median family income. The bill also outlines procedures for credit transfer and reporting requirements.

Establishes tax credits for large-scale rehabilitation of historic structures and "white elephant" housing projects.

The bill establishes the large projects historic rehabilitation tax credit and the "white elephant" housing historic rehabilitation projects tax credit program. It provides tax credits for qualified rehabilitation expenditures totaling fifty million dollars or more for certified historic structures that have been vacant for at least ten of fifteen consecutive years. The credits are subject to caps and eligibility criteria, including location within census tracts at or below the state median family income. The bill also outlines procedures for credit transfer and reporting requirements.