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Funding, Tax Incentives, Grants & Awards for Preservation Projects     


Funding, Tax Incentives, Grants & Awards for Preservation Projects
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Tax Extenders Bill Includes Key Preservation Tax Credits and Investment Provisions for Rehab
Historic Preservation Blog from PreservationDirectory.com - New Markets Tax Credit, National Trust for Historic Preservation, historic rehab investors, Historic Tax Credit
Contributed By: The National Trust for Historic Preservation's Department of Public Policy

The Senate passed a $137.9 billion tax extenders package on Wednesday which includes extensions of key tax credits important to historic preservation, including the New Markets Tax Credit, the expanded federal rehab and lowincome housing tax credits in the Gulf Opportunity Zone (GO ZONE) areas affected by Hurricane Katrina, as well codification language of the Economic Substance Doctrine that is important to historic rehab investors. Basically, this doctrine states that a developer does not need to have a pre-tax “profit motive” to invest in historic tax credits. Without these legal assurances, it makes it difficult to get legal opinions on nonprofit sponsored deals and makes investors nervous about investing in historic rehabilitation. The National Trust’s partners in the Historic Tax Credit, Affordable Housing and New Market Tax Credit coalitions assisted in drafting report language that codifies this doctrine.

The extenders now bill goes back to the House and sets up a possible conference for next week.

Reprinted by permission of the Public Policy Department of the National Trust


Keywords: New Markets Tax Credit, National Trust for Historic Preservation, historic rehab investors, Historic Tax Credit

Posted: March 15, 2010
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