Rehab Credit Program Saved
The Senate votes to keep a decades-old tax incentive for renovating older buildings.
After months of intense lobbying from preservationists, the Senate scrapped a plan to sunset the 10 percent portion of the Federal Historic Rehabilitation Tax Credit 'rehab credit' to pay for the larger 'JOBS' bill the chamber overwhelmingly approved... The rehab credit was enacted in 1981 to spur private sector reinvestment in historic and older buildings. Originally designed by Congress as a means for making tear-downs for new construction a less attractive option over renovating quality older building stock, the two-part rehab credit is now recognized as a valuable economic development tool in disinvested areas.
Thanks to Chris Steins
Published on Wednesday, May 12, 2004 in
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