From Preservation Action in Washington… On Monday, January 22nd, Representative Russ Carnahan (D-MO) introduced the Preserve Historic America Act of 2007 (H.R.610) that proposes to amend the Internal Revenue Code of 1986 to expand the incentives for the rehabilitation of older buildings, including owner-occupied residences. Representative Carhanan introduced an identical bill – H.R.5420 – in the 109th Congress. Provisions in the bill:
- Expand the credit to residential housing
- Create a credit to allow for moderately rehabilitated buildings
- Permit credits to be transferred or assigned
- Raise the tax credit rate to 25 percent for certified historic structures
- Change the definition of a qualified rehabilitated building to buildings older than 50 years
- Exempt historic tax credits from the effects of passive loss rules
- Reduces the basis adjustment requirements for filers claiming both the Low Income Housing Tax Credit as well as the historic preservation credit
- Raise the historic preservation rate to 130% for structures located within geographic designations considered low-income
Representative Carnahan secured 20 cosponsors for the bill, which has been referred to the House of Representatives Ways and Means Committee. The full text of the Preserve Historic America Act of 2007 can be viewed at: http://thomas.loc.gov and entering “H.R.610” as the bill number.
Click here to read a Summer 2006 interview with Rep. Carnahan, where he shares some thoughts on preservation and revitalization.