S. 631 aims to amend the Internal Revenue Code of 1986 to improve the rehabilitation tax credit for buildings located in rural areas. The bill proposes enhanced credit rates for qualified rehabilitation expenditures, with projects in rural areas receiving a 40% credit if they...
Simple Explanation
S. 631 is a proposal that aims to help fix up old buildings in countryside areas by giving money back to those who spend on repairs, especially for homes that people can afford to live in. It gives bigger rewards to projects that mostly have homes and allows sharing of these rewards with others if needed.