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S. 631IntroducedSenate · nowHousePresidentLawIn committee
Sec. 3 · S. 631

Elimination of rehabilitation credit basis adjustment

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(a) In general Section 50(c) of the Internal Revenue Code of 1986 is amended by adding at the end the following new paragraph: (6) Exception for rehabilitation credit In the case of the rehabilitation credit with respect to any applicable rural project (as defined in section 47(a)(3)), paragraph (1) shall not apply.. (b) Treatment in case of credit allowed to lessee Section 50(d) of such Code is amended by adding at the end the following: In the case of the rehabilitation credit with respect to any applicable rural project (as defined in section 47(a)(3)), paragraph (5)(B) of the section 48(d) referred to in paragraph (5) of this subsection shall not apply.. (c) Effective date The amendments made by this section shall apply to property placed in service after December 31, 2025.