Text: S.1421 — 113th Congress (2013-2014)

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Introduced in Senate (08/01/2013)


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[Congressional Bills 113th Congress]
[From the U.S. Government Printing Office]
[S. 1421 Introduced in Senate (IS)]

113th CONGRESS
  1st Session
                                S. 1421

To amend the Internal Revenue Code of 1986 to provide a refundable tax 
  credit for the installation of sprinklers and elevators in historic 
                              structures.


_______________________________________________________________________


                   IN THE SENATE OF THE UNITED STATES

                             August 1, 2013

   Mr. Leahy introduced the following bill; which was read twice and 
                  referred to the Committee on Finance

_______________________________________________________________________

                                 A BILL


 
To amend the Internal Revenue Code of 1986 to provide a refundable tax 
  credit for the installation of sprinklers and elevators in historic 
                              structures.

    Be it enacted by the Senate and House of Representatives of the 
United States of America in Congress assembled,

SECTION 1. SHORT TITLE.

    This Act may be cited as the ``Historic Downtown Preservation and 
Access Act''.

SEC. 2. CREDIT FOR INSTALLATION OF SPRINKLERS AND ELEVATORS IN HISTORIC 
              BUILDINGS.

    (a) In General.--Subpart C of part IV of subchapter A of chapter 1 
of the Internal Revenue Code of 1986 is amended by inserting after 
section 36B the following new section:

``SEC. 36C. HISTORIC BUILDING EXPENSES.

    ``(a) In General.--There shall be allowed a credit against the tax 
imposed by this subtitle for the taxable year an amount equal to 50 
percent of the qualified historic building expenses paid or incurred by 
the taxpayer during such taxable year.
    ``(b) Limitation.--The credit allowed under subsection (a) with 
respect to any taxpayer for any taxable year shall not exceed $50,000.
    ``(c) Qualified Historic Building Expenses.--For purposes of this 
section--
            ``(1) In general.--The term `qualified historic building 
        expenses' means amounts paid or incurred to install in a 
        certified historic structure an elevator system or a sprinkler 
        system that meets the requirements found in the most recent 
        edition of NFPA 13: Standard for the Installation of Sprinkler 
        Systems.
            ``(2) National historic landmarks.--In the case of a 
        certified historic structure that is designated as a National 
        Historic Landmark in accordance with section 101(a) of the 
        National Historic Preservation Act (16 U.S.C. 470a(a)) and that 
        is open to the public, the term `qualified historic building 
        expenses' shall not include an expense described in paragraph 
        (1), unless the installation of property described in such 
        paragraph meets the requirements for a certified rehabilitation 
        under section 47(c)(2)(C).
            ``(3) Certified historic structure.--The term `certified 
        historic structure' has the meaning given such term in section 
        47(c)(3), except that such term shall not include any structure 
        which is a single-family residence.''.
    (b) Conforming Amendments.--
            (1) Section 1324 of title 31, United States Code, is 
        amended by inserting ``, 36C'' after ``, 36B''.
            (2) The table of sections for subpart C of part IV of 
        subchapter A of chapter 1 of the Internal Revenue Code of 1986 
        is amended by inserting after the item relating to section 36B 
        the following new item:

``Sec. 36C. Historic building expenses.''.
    (c) Effective Date.--The amendments made by this section shall 
apply to amounts paid or incurred in taxable years beginning after the 
date of the enactment of this Act.
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