Federal Tax Credits and the Creating American Prosperity through Preservation

The Creating American Prosperity through Preservation, or CAPP Act, was recently introduced by representatives Aaron Schock (R-IL) and Earl Baumenauer (D-OR) in the House (H.R. 2479).The same legislation is co-sponsored by Senators Ben Cardin (D-MD) and Olympia Snowe (R-ME) in the Senate (S. 2074).  One of the co-sponsors of the House bill is Michigan’s Representative John Conyers, Jr. (MI-14).

The Durant Hotel, Flint, Michigan, received Federal Historic Tax Credits for its restoration. On May 11, 2012, the Durant Hotel is the site of the MHPN Awards Ceremony. Photo Courtesy of Richard Karp.

The CAPP Act, H.R. 2479 in the House and S. 2074 in the Senate, is a bill that proposes strategic adjustments to the federal historic tax credit (HTC) that would enhance the credit’s already impressive track record of generating economic benefits. The CAPP Act would amend the federal tax credit for rehabilitation of historic buildings to be an even more effective tool as an economic driver and job creator.  The proposed legislation makes the tax credit easier to use for smaller projects in small, main street communities. It will promote energy-efficiency and cost savings by encouraging the use of energy efficient technology.

To learn more about the added benefits of the amended HTC, visit the National Trust Website.

How can you help in this effort?  First, sign the NTHP pledge to fight to save the HTC. And then make sure you reach out to your federal elected officials.  Not sure who they are?  Follow this link to find both your Federal Representative and Senators.

Then, stayed tuned to MHPN.  You are our greatest advocate and we will be keeping you informed and asking for your help!

This entry was posted in buildings, historic preservation, HTC, Michigan, Preservation, Tax Credits, Uncategorized and tagged , , , , , , , , , , , , , , , , , . Bookmark the permalink.

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