Amend the bill by striking out everything after the enacting clause and before the summary and inserting the following:

SUMMARY

Under current law, a person is entitled to a tax credit of not more than $5,000,000 for each certified rehabilitation project. This amendment provides that the $5,000,000 cap applies with respect to each certified rehabilitation or to each building that is a component of a certified historic structure, whichever is greater. The amendment also provides that a certified rehabilitation that is placed in service over multiple taxable years is allowed up to $5,000,000 in credit for the portion of the certified rehabilitation placed in service for each taxable year. This change allows a portion of a building or a single building in a complex to qualify for the $5,000,000 cap. The change applies to credits for which the first credit installment is claimed on a return filed for a tax year beginning on or after January 1, 2014.