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H.R. 2941119th CongressIn committeeLatest action Apr 17, 2025Decoded by AI · checked against the record
Official title: Historic Tax Credit Growth and Opportunity Act of 2025
Introduced:
Read the official bill on Congress.govThe plain-language version leads. The official text is always the reference.
Owners who restore historic buildings could claim a larger, faster federal tax credit — and smaller projects could sell that credit to others.
45-second read · 4 questions answered below
This bill changes the federal tax credit for renovating historic buildings in several ways. Owners could take the full 20% credit in the same year the building reopens, instead of spreading it over five years. Smaller projects would get a higher 30% credit rate and could transfer that credit to another person or business.
These changes would affect real estate developers, property owners, investors, and nonprofits that restore historic buildings. Smaller projects in rural areas would see additional adjustments under the bill.
Allowing the credit to be taken all at once and transferred changes when and how owners and investors receive its financial value. Loosening eligibility rules and removing the depreciation reduction means more buildings and owners could qualify and keep more of the credit's value.
AI-drafted summary. Verify it against the official text before you act on it. Read the official bill on Congress.gov
Right now: a House committee is reviewing it. If the Senate changes it, it goes back to the House before reaching the President.
Latest action: — Referred to the House Committee on Ways and Means.