A bill to amend the Internal Revenue Code of 1954 to provide an alternative test for qualification for the credit for rehabilitated buildings.

Amends the Internal Revenue Code to allow an investment tax credit for rehabilitated buildings if: (1) 50 percent or more of the existing external walls are retained in place as external walls; (2) 75 percent or more of the existing external walls are retained in place (but not necessarily as external walls); and (3) 95 percent of the existing internal structural framework is retained in place. (Present law requires that 75 percent or more of the external walls must be retained in the rehabilitation process.)