Full credit allowed in the year building placed in service

(a) In general Section 47(a) of the Internal Revenue Code of 1986 is amended to read as follows: (a) General rule For purposes of section 46, the rehabilitation credit for any taxable year is 20 percent of the qualified rehabilitation expenditures.. (b) Effective date The amendment made by this section shall apply to property placed in service after December 31, 2023.