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106th CONGRESS
2d Session
S. 3259
To amend the Internal Revenue Code of 1986 to provide a rehabilitation
credit for certain expenditures to rehabilitate historic performing
arts facilities.
_______________________________________________________________________
IN THE SENATE OF THE UNITED STATES
October 27 (legislative day, September 22), 2000
Mr. Moynihan introduced the following bill; which was read twice and
referred to the Committee on Finance
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A BILL
To amend the Internal Revenue Code of 1986 to provide a rehabilitation
credit for certain expenditures to rehabilitate historic performing
arts facilities.
Be it enacted by the Senate and House of Representatives of the
United States of America in Congress assembled,
SECTION 1. SHORT TITLE.
This Act may be cited as the ``Historic Performing Arts Facility
Rehabilitation Act''.
SEC. 2. HISTORIC PERFORMING ARTS FACILITY REHABILITATION CREDIT.
(a) In General.--Section 47 of the Internal Revenue Code of 1986
(relating to rehabilitation credit) is amended by adding at the end the
following new subsection.
``(e) Historic Performing Arts Facility Rehabilitation Credit.--
``(1) In general.--In lieu of the credit otherwise
allowable under this section, a qualified performing arts
institution shall receive an historic rehabilitation credit
certificate.
``(2) Historic rehabilitation credit certificate.--For
purposes of this subsection, the term `historic rehabilitation
credit certificate' means a certificate--
``(A) issued to a qualified performing arts
institution, in accordance with procedures prescribed
by the Secretary, with respect to a certified
rehabilitation,
``(B) the face amount of which shall be equal to
the credit which would (but for this subsection) be
allowable under subsection (a) to the taxpayer with
respect to such rehabilitation,
``(C) which may only be transferred by the
qualified performing arts institution to a lending
institution (including a non-depository institution) in
connection with a loan--
``(i) the proceeds of which may not be used
for any purpose other than the rehabilitation
of the historic performing arts facility to
which the credit relates, and
``(ii) the duration of which shall not
exceed the anticipated duration of the
rehabilitation, and
``(D) in exchange for which such lending
institution provides the qualified performing arts
institution--
``(i) a reduction in the rate of interest
on the loan which results in interest payment
reductions which are substantially equivalent
on a present value basis to the face amount of
such certificate, and
``(ii) to the extent of any amount of such
certificate not applied under clause (i), a
reduction in the principal amount of the loan
in an amount substantially equivalent on a
present value basis to the face amount of such
certificate so applied.
``(3) Use of historic rehabilitation credit certificate by
lender.--The amount of credit specified in the certificate and
transferred to the lender shall be allowed to the lender only
to offset the regular tax (as defined in section 55(c)) of such
lender. The lender may carryforward all unused amounts under
this subsection until exhausted.
``(4) Historic rehabilitation credit not treated as
unrelated business taxable income.--Notwithstanding any other
provision of law, no benefit accruing to the qualified
performing arts institution through the use of an historic
rehabilitation credit certificate shall be treated as unrelated
business taxable income for purposes of this title.''.
(b) Historic Performing Arts Facility.--Section 47(c) of the
Internal Revenue Code of 1986 (relating to definitions) is amended by
adding at the end the following new paragraph:
``(4) Historic performing arts facility.--
``(A) In general.--The term `historic performing
arts facility' means any building and related
improvements (including public plazas and concourses,
vehicular and pedestrian passageways, mechanical
installations, garages, and other related structures
and facilities) which is--
``(i) a certified historic structure,
``(ii) owned by, or leased or licensed to,
one or more qualified performing arts
institutions, and
``(iii) used for--
``(I) the presentation or
production of the performing arts,
``(II) education, training, or the
presentation of educational programs in
the performing arts,
``(III) research in, archiving of
records pertaining to, or operation of
public libraries for the performing
arts, or
``(IV) office and other functions
related to an activity described in
subclause (I), (II), or (III).
``(B) Qualified performing arts institution.--The
term `qualified performing arts institution' means any
organization described in section 501(c) and exempt
from tax under section 501(a) which is organized and
operated to present, produce, advance, teach or
otherwise facilitate the performing arts.
``(C) Performing arts.--The term `performing arts'
means the performance, playing, presentation,
dissemination, recording, rehearsal, or creation of any
type of music, theater, drama, dance, opera, cabaret,
film, video, radio, or other art forms.''.
(c) Qualified Rehabilitation Expenses.--Section 47(c)(2)(B) of the
Internal Revenue Code of 1986 (relating to certain expenditures not
included) is amended by adding at the end the following new clause:
``(vii) Special rules for qualified
performing arts institutions.--
``(I) Grants.--Any expenditure by a
qualified performing arts institution
to rehabilitate an historic performing
arts facility to the extent such
expenditure is funded by any grant from
a Federal, State, or local government
in connection with the rehabilitation
of such facility.
``(II) Expenditure of lessee.--For
purposes of clause (vi), a qualified
performing arts institution that leases
or licenses an historic performing arts
facility from a person other than a
qualified performing arts institution
shall be treated as the owner of the
facility.
``(III) Enlargement; tax-exempt
property.--In the case of any
expenditure in connection with an
historic performing arts facility,
clauses (iii) and (v) shall not
apply.''.
(d) Rehabilitation Credit for Property Used by Certain Tax Exempt
Organizations.--Section 50(b)(3) of the Internal Revenue Code of 1986
(relating to property used by certain tax-exempt organizations) is
amended by adding at the end the following new sentence: ``This
paragraph shall not apply in the case of a rehabilitation credit
determined under section 47(a) with respect to qualified rehabilitation
expenditures (as defined in section 47(c)) paid or incurred with
respect to an historic performing arts facility (as so defined).''.
(e) Effective Date.--The amendments made by this section shall
apply with respect to a rehabilitation the physical work on which
begins after the date of the enactment of this Act.
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