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Legislation & Public Policy Issues in Preservation     


Legislation & Public Policy Issues in Preservation
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Rehab Tax Credit Amendments Included in Stalled Housing Relief Package
Historic Preservation Blog from PreservationDirectory.com - National Trust for Historic Preservation, federal rehabilitation tax credit
Contributed By: The National Trust for Historic Preservation's Department of Public Policy
Email The Author: pr@nthp.org
Website: http://www.nthp.org

The Senate began floor consideration of the housing relief package this week that contains three significant amendments to the federal rehabilitation tax credit, but failed to make any progress in the dispute over an amendment offered by Sen. John Ensign (R-NV) that would extend a series of energyrelated tax provisions costing $8.2 billion without offsets. However, Ensign has proposed that the plan be paid for with an across-the-board cut in discretionary spending — with the exception of veterans’ programs — over the next 10 years.

In addition, one of the amendments to the federal rehab tax credit offered by Sens. Blanche Lincoln (D-AR) and Gordon Smith (R-OR) would further extend the non-profit leaseback provision under the credit to extend the allowance lease period from 20 to 31.5 years. This would provide developers with an additional incentive to rehabilitate historic buildings in non-profit or governmental ownership, but it raises the cost of this provision to $100 million over 10 years. The National Trust and its preservation partners have proposed an offset to pay for this provision based on lowering the investment ceiling for passive investors in the rehab tax credit to $100,000 annually.

For more information about the proposed amendments to the rehab tax credit included in the housing relief bill, please visit  http://www.preservationnation.org/take-action/advocacy-center/legislativebriefs/federal-rehab-tax-credit.html.


Keywords: National Trust for Historic Preservation, federal rehabilitation tax credit

Posted: July 14, 2008
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