To amend the Internal Revenue Code of 1986 to modify the rehabilitation credit to allow such credit to be taken in one taxable year.

This bill (HR 5882) changes the tax credit for renovating certified historic buildings. It modifies Section 47(a) of the Internal Revenue Code to allow businesses to claim the full 20% rehabilitation credit in a single taxable year, rather than spreading it over multiple years. The credit applies to eligible renovation costs for certified historic structures. This change takes effect for expenses paid or incurred after December 31, 2023.