A bill to amend the Internal Revenue Code of 1954 to provide a credit against tax for certain expenditures in connection with the rehabilitation of certain buildings.

Amends the Internal Revenue Code to permit a credit against tax equalling ten percent of the expenditures in rehabilitating residential, commercial, and industrial structures which are at least 20 years old and have a useful life of five years or more.

Limits the allowable credit to $2,000 in any taxable year. Requires that expenditures for rehabilitation exceed $3,000 over a period of two consecutive years. Permits a carryback and carryover of the credit to other years if ten percent of the expenditures for rehabilitation in any taxable year exceeds $2,000.

Increases the tax liability of a non-residential owner of a rehabilitated structure who sells such structure by the amount of the credit allowed for rehabilitation in the taxable year of the sale and the prior two taxable years.