A bill to amend the Internal Revenue Code of 1954 to provide a credit against income tax for amounts paid or incurred for rehabilitating certain historic structures, to increase the investment tax credit percentage to 25 percent for qualified rehabilitation expenditures with respect to such structures, and to extend the investment tax credit for rehabilitation expenditures to multi-family residential rental property.
Rehabilitation and Historic Preservation Tax Incentives Act of 1981 - Amends the Internal Revenue Code to allow an income tax credit for ten percent of the expenditures for the rehabilitation of a certified historic structure.
Increases from ten percent to 25 percent the investment tax credit percentage for rehabilitation expenditures in connection with certified historic structures. Qualifies specified rehabilitated multifamily residential rental properties for the investment tax credit.
Became Public Law No: 97-34.
Introduced in House
Introduced in House
Referred to House Committee on Ways and Means.
See H.R.4242.
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