Plain Language of Change:
The rehabilitation credit is limited to 20 percent of qualified rehabilitation expenditures (QREs) of the taxpayer for qualified rehabilitated buildings and is claimed ratably over a five-year period beginning in the tax year in which the rehabilitated building is placed in service
The building must be a certified historic structure
The 10 percent rehabilitation credit for QREs with respect to qualified rehabilitated buildings placed in service before 1936 that are not certified historic structures is eliminated
Applicable for amounts paid or incurred after December 31, 2017 with transition rules for projects in process
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