DIGEST OF INTRODUCED BILL
Historic preservation tax credit. Provides that the historic rehabilitation income tax credit may be assigned. Specifies when the transfer of the property does not subject the credit to recapture. (Current law provides that the credit is recaptured if the property is transferred within five years of the completion of the rehabilitation or preservation.) Provides that the adjusted basis of the property is not reduced by the amount of credit if a person is entitled to a federal low income housing credit for the historic property.