Rural Historic Tax Credit Improvement Act

This bill increases tax credits for rehabilitating historic buildings in rural areas. It provides a 30% credit for non-affordable projects and a 40% credit for projects meeting the bill's affordable housing criteria (requiring at least half of housing square footage to be affordable), with a $5 million cap on eligible expenses per project. Property owners can transfer the credit to another business through a certified process, requiring specific documentation and reporting. Affordable housing projects must maintain affordability standards, with penalties for violations. These changes apply to projects completed after 2024.