Historic restoration tax credit. Provides that the income tax credit for the preservation or rehabilitation of historic residential property is to be determined using a percentage that starts at 20% and is increased by 0.1% for each year that the age of the historic residential property exceeds 50. Repeals a provision recapturing the credit if the historic residential property is sold within 5 years. Repeals the fiscal year cap on the amount of tax credits that may be granted.