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Legislation & Public Policy Issues in Preservation     


Legislation & Public Policy Issues in Preservation
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Streamlined Federal Rehab Tax Credit Bill Introduced in House
Historic Preservation Blog from PreservationDirectory.com - Creating American Prosperity through Preservation Act of 2011, National Trust's Public Policy Department and Center for State and Local Policy, National Trust for Historic Preservation,
Contributed By: National Trust's Public Policy Department and Center for State and Local Policy
Website: http://www.preservationnation.org

Rep. Aaron Schock (R-IL) introduced --'Creating American Prosperity through Preservation Act of 2011' (CAPP)— a bill making improvements to the federal historic rehabilitation tax credit on July 8th.  This bill is a streamlined version of a bill (the Community Restoration and Revitalization Act) from the 111th Congress that was developed by the National Trust and its historic tax credit coalition partners.

The CAPP Act (HR 2479) makes the federal rehab tax credit easier to use and more accessible to strategic projects that create quality jobs, revitalize “Main Street,” and generate high-impact community benefits and promote energy-efficiency.  Specific provisions of the bill include: 

  • Strengthens the economic development impact of the already powerful federal Historic Tax Credit (HTC).  Since its inception in 1981, the HTC has spurred the rehabilitation of over 37,000 vacant or underutilized historic buildings, created over 2 million jobs and leveraged $90 billion in private investment.  The CAPP’s provisions position the credit to be an even greater job creation and economic development engine.  
  • Drives development and job creation to rural and smaller “Main Street” communities because smaller-scale building rehabilitation projects are typically overlooked because of the high costs relative to the size of the tax credit.  CAPP provisions will ensure that rural and smaller communities will benefit to a much larger extent from this powerful economic development tool. 
  • Promotes energy-efficiency and cost-savings by encouraging historic developers’ use of energy-efficient technology—on top of the already “green” act of recycling an existing building in an existing community. The CAPP’s proposed changes will effectively reduce fossil fuel consumption and lowering each building’s heating and cooling costs. 
  • Enhances the impact of Historic Tax Credit in low-income and difficult-to-develop-areas because nonprofit organizations typically undertake the most difficult projects in communities in greatest need. The CAPP’s provisions would facilitate the reuse of older buildings by nonprofits for projects of high community benefit while creating jobs and stimulating the local economy in low-income, underserved areas. 
  • Creates new opportunities by expanding the number of older buildings for rehabilitation by removing barriers to the use of the 10% credit. The CAPP Act will bring the 10% credit to a large number of structures that are currently ineligible, greatly expanding the credit’s usefulness and the potential for comprehensive economic development that does not exclude post-World War II buildings. 
Reprinted with permission from the National Trust's Public Policy Department and Center for State and Local Policy



Keywords: Creating American Prosperity through Preservation Act of 2011, National Trust's Public Policy Department and Center for State and Local Policy, National Trust for Historic Preservation,

Posted: July 17, 2011
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Unless noted, the thoughts and opinions expressed in the article are solely that of the
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