REHAB Act Introduced in Congress
Representative Earl Blumenauer (D-OR) introduced the Revitalizing Economies, Housing and Business (REHAB) Act of 2020 along with Reps. Mike Kelly (R-PA), Darin LaHood (R-IL) and Dan Kildee (D-MI). The bill would reinstate and improve a tax credit (REHAB credit) for buildings that are more than 50 years old and within one-half of a mile of a public transportation center. The REHAB credit is intended to work in communities alongside the successful Historic Tax Credit. The reinstated REHAB credit would be increased from ten to 15 percent.
The REHAB Act can also be used for building expansions on the same block. There is a bonus credit rate of 25 percent for rehabilitation expenses relating to public infrastructure projects required by state or local governments. A bonus credit of 25 percent is also available for expenses relating to the provision of rent-restricted housing.
