PreservationDirectory.com
PreservationDirectory.com
 
home
preservation events & conferences
press releases & job postings
› main menu
› article guidelines
› submit an article
grants & funding sources
heritage marketing services
preservation library:
articles, regulations & policy
preservation organizations
& resources
museums & historic structures
historic real estate
preservation businesses,
products & services
historic lodging:
inns, b&b's, hotels
historic tours
preservation general resources
historic photo galleries
preservation bookstore
frequently asked questions
about us
join email list
contact us
site map


member login

Featured
Property For Sale
View more information about this historic property for sale in Wallingford, Pennsylvania

Welcome to Smith's Homestead

Wallingford, PA
PreservationDirectory.com
30 Bromley Road
Pittsford, NY 14534
Phone: (503) 308-0500

Email Us!
foo




Atlas Preservation

Mad Dog Primer

University of Oregon



PreservationDirectory.com

Funding, Tax Incentives, Grants & Awards for Preservation Projects     


Funding, Tax Incentives, Grants & Awards for Preservation Projects
Back to Press Releases Print   Submit an Article
Community Restoration and Revitalization Act Reintroduced with Proposed Amendments to Federal Rehab Tax Credit
Historic Preservation Blog from PreservationDirectory.com - Community Restoration and Revitalization Act, National Trust for Historic Preservation, federal rehabilitation tax credit, fund and incentivize energy-efficiency retrofits of historic properties
Contributed By: The National Trust for Historic Preservation's Department of Public Policy
Website: http://www.nthp.org

Rep. Allyson Schwartz (D-PA) introduced a revamped version of the “Community Restoration and Revitalization Act” (CRRA) that proposes to significantly expand the scope of the existing federal rehabilitation tax credit for older and historic buildings on October 1st. The CRRA will generally make it easier to use the rehab tax credits for smaller rehab projects and moderate rehabilitation; rehabilitate commercial structures for use as residential rental property; lease rehabilitated property to tax-exempt entities; establish a common definition of older buildings; fund and incentivize energy-efficiency retrofits of historic properties; allow the transferability of credits to another taxpayer; and, use the federal rehab credits in combination with state historic tax credits.

The new bill proposes eight specific amendments to the existing rehabilitation tax credit that would do the following:

  1. Increase the historic tax credit from 20 to 30 percent for “small projects” with $5 million or less in qualified rehabilitation expenditures.
  2. Permit the 10 percent non-historic credit for older buildings to be used for rehabilitating residential rental property.
  3. Establish and use a common definition of an older building as one that is at least 50-years-old in determining eligibility for the 10 percent non-historic credit.
  4. Allow for certain leasing arrangements with non-profits and other taxexempt entities that are now precluded under current law.
  5. Allowing building owners who are in the process of rehabilitation historic buildings to achieve substantial energy savings through energyefficiency retrofits by allowing graduated increases in the historic credit based on a scale of energy efficiencies achieved.
  6. Allow for the transfer of historic tax credits to another taxpayer for projects under $5 million in qualified rehabilitation costs.
  7. Allow for moderate rehabilitation by reducing by half the “substantial rehabilitation” test requirements under current law.
  8. Specify that state historic tax credits should not be considered as federal income for tax purposes or trigger any recapture of income.

For more specifics on these individual amendments, please visit http://www.preservationnation.org/issues/rehabilitation-tax-credits/federal/proposed-amendments.html.


Keywords: Community Restoration and Revitalization Act, National Trust for Historic Preservation, federal rehabilitation tax credit, fund and incentivize energy-efficiency retrofits of historic properties

Posted: October 6, 2009
Back to Press Releases Print   Submit an Article


Unless noted, the thoughts and opinions expressed in the article are solely that of the
author and not necessarily the opinion of the editors of PreservationDirectory.com.
   



PreservationDirectory.com | preservation events & conferences | press releases & job postings | organizations & resources
museums & historic structures | historic real estate | preservation businesses, products & services | historic lodging
historic tours | preservation general resources | historic photo galleries | preservation bookstore | preservation library
frequently asked questions | about us | join email list | heritage marketing services | contact us | site map

© Copyright 2019 - PreservationDirectory.com | website by Stolutions