New Bills Would Enhance Historic Rehabilitation Tax Credit

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Tax Credit Advisor, November 2009: New bills (H.R. 3715, S. 1743) introduced in Congress would enhance the federal historic rehabilitation tax credit program. Introduced in the House by Rep. Allyson Schwartz (D-Pa.) and in the Senate by Sen. Blanche Lincoln, (D-Ark.), the legislation reflects proposed tax law changes developed by historic tax credit industry stakeholders through the Historic Tax Credit Coalition. Some of the changes would amend the 20% historic credit to provide a 30% credit for projects with $7.5 million or less in rehab expenditures, allow moderate rehab projects, and provide extra benefits for energy-saving improvements. The 10% rehab credit would be available for all buildings 50 years or older.      

A separate new bill (H.R. 3670) would boost the qualified rehab amount by 30% for historic rehabs of residential rental buildings in low-income housing tax credit high-cost areas.