Posted by: wadahp | October 7, 2009

HISTORIC PRESERVATION TAX BILLS INTRODUCED

Historic Homeowners Tax Bill

Last week, Representatives Russ Carnahan (D-MO) and Mike Turner (R-OH) introduced H.R. 3670, the Historic Homeowners Revitalization Act of 2009. The bill was introduced with 24 original co-sponsors. The legislation creates a 20 percent tax credit — up to $60,000 – for home owners who make expenditures to rehabilitate certified historic structures in a way consistent with the historic character of the home and neighborhood in which the home is located.

Community Restoration and Revitalization Act

At the end of last week, Representatives Allyson Schwartz (D-PA) and Pat Tiberi (R-OH) introduced H.R. 3715, the Community Restoration and Revitalization Act of 2009. The bill was introduced with 40 original cosponsors. The legislation would make several improvements to the current commercial tax credit program including increasing the credit and making it transferable for smaller projects, allowing the 10% non-historic credit to be used for residential rentals, reducing the substantial rehab test, enabling state credits to work more effectively with the federal credit and several new green provisions that would increase the credit for rehabilitation projects that incorporate energy efficiency improvements.

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