Construction Reporter
  • Home
  • Services
    • Planroom
    • Printing
    • Project Upload
    • Architects & Owners
    • General Contractors
    • Subcontractors
  • Free Trial
  • Become a Member
  • Magazine
  • News
  • Contact Us
  • About
    • About
    • FAQs
    • Privacy Policy
  • Employment Opportunity

bill introduced to maintain tax credit for historic preservation projects

6/13/2019

0 Comments

 
Picture
Legislation is now working its way through the House of Representatives calling for keeping intact a federal tax credit that has helped to see the preservation of more than 40,000 historic structures across the country.

The Historic Tax Credit Growth and Opportunity Act, as introduced by Oregon Representative Earl Blumenauer, essentially reaffirms a tax credit that has been in place since the early 1980s.

That credit, according to preservation experts, was diminished as a result of the sweeping Tax Cuts and Jobs Act.

That 2017 legislation included what is officially called the Historic Tax Credit Basis Adjustment, requiring building owners to subtract the credits from the worth of the preserved building in question.

This meant, according to a think piece published earlier this year by the National Trust Community Investment Corporation that Washington was “giving an incentive and then taxing that incentive.”

The new legislation will increase the Historic Tax Credit from 20 percent to 30 percent for any preservation project with a rehabilitation expense of less than $2.5 million.

“Proponents of the bill hope that the expanded credits will incentivize the owners of smaller, income-generating properties to rehabilitate their buildings,” notes the news service Archinect.

The new legislation has won the praise of the National Trust for Historic Preservation.
In a statement, Paul Edmondson, chief executive officer with that group, said the legislation will “strengthen the federal historic tax credit and provide communities with new opportunities for revitalization and economic growth.”

Edmondson added that in the last three decades, the tax credit has “consistently demonstrated its ability to kick start job creation and attract private investment while preserving nationally significant historic buildings.”

Companion legislation to Blumenauer’s bill is expected to be introduced in the U.S. Senate sometime this month.

0 Comments

Your comment will be posted after it is approved.


Leave a Reply.

    Get stories like these right to your inbox.
    ​Sign up for our newsletter

    Subscribe

    Archives

    March 2023
    February 2023
    January 2023
    December 2022
    November 2022
    October 2022
    September 2022
    August 2022
    July 2022
    June 2022
    May 2022
    April 2022
    March 2022
    February 2022
    January 2022
    December 2021
    November 2021
    October 2021
    September 2021
    August 2021
    July 2021
    June 2021
    May 2021
    April 2021
    March 2021
    February 2021
    January 2021
    December 2020
    November 2020
    October 2020
    September 2020
    August 2020
    July 2020
    June 2020
    May 2020
    April 2020
    March 2020
    February 2020
    January 2020
    December 2019
    November 2019
    October 2019
    September 2019
    August 2019
    July 2019
    June 2019
    May 2019
    April 2019
    March 2019
    February 2019
    January 2019
    December 2018
    November 2018
    October 2018
    September 2018
    August 2018
    July 2018
    June 2018
    May 2018
    April 2018
    March 2018
    February 2018
    January 2018
    December 2017
    November 2017

    Categories

    All

AFFILIATES

Picture
Picture
Picture
Picture
Picture
Picture
Picture
Picture
Picture
Picture
Picture
Picture
Picture
HOME
PLANS & PRICING
FREE TRIAL
MAGAZINE​
BECOME A MEMBER
PRINTING SERVICES
FAQS
CONTACT
​ABOUT

TIMELY, RELIABLE NEWS SINCE 1949 ​Construction Reporter
​
4901 Mcleod Rd NE STE 200A
Albuquerque NM 87109


​Phone: (505)-243-9793
Toll Free: (877)-292-5793
​Fax: (505)-242-4758

Copyright © 2022 Construction Reporter
User Agreement   Privacy Policy   Archive Policy
  • Home
  • Services
    • Planroom
    • Printing
    • Project Upload
    • Architects & Owners
    • General Contractors
    • Subcontractors
  • Free Trial
  • Become a Member
  • Magazine
  • News
  • Contact Us
  • About
    • About
    • FAQs
    • Privacy Policy
  • Employment Opportunity