The bill S. 5607 proposes amendments to the Internal Revenue Code of 1986 to improve the rehabilitation credit for buildings in rural areas. It introduces a special credit for "applicable rural projects," allowing a 40% credit for affordable housing projects and a 30% credit...
Simple Explanation
The bill aims to help fix old buildings in small towns by offering extra money back to people who make them nicer, giving more back for affordable homes than other projects, but only if the town is not too big.