Historic Tax Credit Growth and Opportunity Act of 2023

This bill increases the federal tax credit for rehabilitating historic buildings, specifically boosting the credit rate from 20% to 30% for small projects (defined as those with qualified rehabilitation costs under $3.75 million and no prior credit). The total credit for any single project is capped at $750,000. It also expands eligibility by changing how building basis is calculated and adjusts rules for tax-exempt properties to simplify compliance. These changes directly benefit small-scale developers and owners rehabilitating certified historic structures.