Turner Reintroduces Tax Credit for Historic Preservation
Program Would Create Jobs in Hard Hit Housing, Construction Sectors
Feb 27 -
Congressman Mike Turner, Co-chairman of the Historic Preservation Caucus, reintroduced the Historic Homeownership Revitalization Act of 2013. Enactment of this legislation would create jobs in the hard hit housing and construction sectors by incentivizing the preservation of our nation’s historic homes and communities. The Historic Homeownership Revitalization Act is supported by all of the major historic preservation groups including the National Trust for Historic Preservation, the National Conference of State Historic Preservation Officers, and Preservation Action.
“Families and communities are strengthened through home ownership. With our real estate sector teetering on the edge of recovery, this legislation would provide a boost to jobs in the housing and construction markets while improving our nation’s historic neighborhoods,” said Turner.
Established by Congress over thirty years ago, the current Historic Preservation Tax Credit (HTC) encourages private investment, spurs economic growth and creates jobs while revitalizing our communities and protecting our nation’s cultural heritage. According to a recent study by the Rutgers University Center for Urban Policy Research, the HTC has helped create 2.2 million jobs, incentivized nearly $100 billion in private investment, and renovated more than 38,000 buildings.
“Investing in the real estate sector has been part of the fabric of America for generations. Preserving communities and incentivizing economic growth builds on that legacy,” added Turner.
Currently, the HTC is not available to owner-occupied historic housing. The Historic Homeownership Revitalization Act builds upon the success of the HTC and further incentivizes job creation and historic preservation by creating a non-refundable tax credit of up to $60,000 for owners of historic homes that make qualified rehabilitations. To qualify, the taxpayer must make qualified rehabilitation expenditures over a 2-year period that exceed the greater of $5,000 or the taxpayer’s basis in the property, and must use the home as his/her principal residence. The credit is also available for developers who rehabilitate homes and sell them to individuals who use them as their principal residence. Expenditures to enlarge properties are not qualified rehabilitation expenditures.