Sunday, January 28, 2007

Historic homeowners tax credit bill introduced

On Tuesday, January 23 Representative Russ Carnahan (D-MO) (pictured) reintroduced the Preserve Historic America Act (HR610) that proposes to extend the Federal Rehabilitation Tax Credit to owners of historic homes. The bill includes a number of provisions that: 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, and raise the historic preservation rate to 130% for structures located within geographic designations considered low-income.