Raises the federal rehabilitation tax credit to 20% for qualified rehabilitation expenditures and creates a new special rule for smaller rehabilitation projects that increases the credit rate and raises per-project caps (with larger caps for rural projects). It lets taxpayers transfer (sell) all or part of qualifying small-project credits under certification rules, expands the types of buildings eligible for the credit, removes certain basis‑adjustment rules that previously interacted with the credit, and changes how “tax‑exempt use property” is determined for leased property (excluding consideration of certain “disqualified lease” rules). Most changes apply to property placed in service after the dates specified (generally after Dec. 31, 2023 or after enactment).