Rep. Earl Blumenauer (D-OR 3rd District) and Rep. Mike Kelly (R-PA 3rd District) introduced new legislation (H.R. 3846) yesterday that would increase the eligibility of many more historic buildings across the country to use historic tax credits and undertake more rehabilitation projects. The following is a statement from Stephanie K. Meeks, president and CEO of the National Trust for Historic Preservation:

“Historic buildings help create the type of neighborhoods where people want to live, work and play. We commend Reps. Blumenauer and Kelly for their leadership in proposing common-sense enhancements to the federal historic tax credit. Now, more rural towns, cities and main streets will be able to use the credit to breathe new life into libraries, theaters, office buildings and more. We urge the House of Representatives to pass this bi-partisan legislation that will improve upon a policy that has created millions of jobs and attracted billions of dollars in private investment in communities across America for more than 30 years, while also preserving our nation’s historic buildings for the next generation.

BACKGROUND ON THE HISTORIC TAX CREDIT IMPROVEMENT ACT of 2015

The Historic Tax Credit Improvement Act of 2015 makes long overdue changes to the federal Historic Tax Credit to further encourage reuse and redevelopment in small, midsize and rural communities. Main Streets across America will have a stronger tool to help breathe new life into their historic buildings. The bill will increase the credit from 20 to 30 percent for projects with rehabilitation expenses of less than $2.5 million, which will help inject new private investment into smaller and more rural communities. Other improvements include simplifying the process for the transfer of historic tax credits to investors for projects under $2.5 million. The bill provisions would be the first major changes to the federal Historic Tax Credit since the 1986 tax bill.