Creates a new, transferable special rehabilitation tax credit for qualified rural building rehab projects: 40% for rural affordable housing and 30% for other rural projects, with a $5 million cap on qualifying rehab expenses. Establishes transfer rules, reporting, and recapture penalties (including a 45‑day cure for affordable‑housing violations), and prevents the usual reduction in a project's tax basis when the credit is claimed for applicable rural projects. Applies to property placed in service after December 31, 2025.