REHABILITATION CREDIT LIMITED TO CERTIFIED HISTORIC STRUCTURES.

SEC. 13402. REHABILITATION CREDIT LIMITED TO CERTIFIED HISTORIC STRUCTURES.(a) In General.—Subsection (a) of section 47 is amended to read as follows:“(a) General Rule.—“(1) In general.—For purposes of section 46, for any taxable year during the 5-year period beginning in the taxable year in which a qualified rehabilitated building is placed in service, the rehabilitation credit for such year is an amount equal to the ratable share for such year.“(2) Ratable share.—For purposes of paragraph (1), the ratable share for any taxable year during the period described in such paragraph is the amount equal to 20 percent of the qualified rehabilitation expenditures with respect to the qualified rehabilitated building, as allocated ratably to each year during such period.”.(b) Conforming Amendments.—(1) Section 47(c) is amended—(A) in paragraph (1)—(i) in subparagraph (A), by amending clause (iii) to read as follows:“(iii) such building is a certified historic structure, and”,(ii) by striking subparagraph (B), and(iii) by redesignating subparagraphs (C) and (D) as subparagraphs (B) and (C), respectively, and(B) in paragraph (2)(B), by amending clause (iv) to read as follows:“(iv) Certified historic structure.—Any expenditure attributable to the rehabilitation of a qualified rehabilitated building unless the rehabilitation is a certified rehabilitation (within the meaning of subparagraph (C)).”.(2) Paragraph (4) of section 145(d) is amended—(A) by striking “of section 47(c)(1)(C)” each place it appears and inserting “of section 47(c)(1)(B)”, and(B) by striking “section 47(c)(1)(C)(i)” and inserting “section 47(c)(1)(B)(i)”.(c) Effective Date.—(1) In general.—Except as provided in paragraph (2), the amendments made by this section shall apply to amounts paid or incurred after December 31, 2017.(2) Transition rule.—In the case of qualified rehabilitation expenditures with respect to any building—(A) owned or leased by the taxpayer during the entirety of the period after December 31, 2017, and(B) with respect to which the 24-month period selected by the taxpayer under clause (i) of section 47(c)(1)(B) of 131 STAT. 2135 the Internal Revenue Code (as amended by subsection (b)), or the 60-month period applicable under clause (ii) of such section, begins not later than 180 days after the date of the enactment of this Act,the amendments made by this section shall apply to such expenditures paid or incurred after the end of the taxable year in which the 24-month period, or the 60-month period, referred to in subparagraph (B) ends.