July 18, 2001—The National Park Service has released a preliminary report praising the 25-year-old Federal Historic Rehabilitation Tax Credit—a dollar for dollar reduction of federal income tax liability allowing anyone who rehabilitates a historic building to claim a tax credit of 20% of the cost of that renovation. The report is part of a larger survey due out in October, examining the impact the program has had since its passage in Congress. The Tax Reform Act of 1976 created the first federal tax incentives for the preservation of historic buildings.
Bank of America, which has created a $25 million investment fund in conjunction with the National Trust for Historic Preservation also applauded the study’s findings.
The tax credit was designed to target income-producing properties and to preserve and protect the irreplaceable, particularly in America’s urban cores. An average of 30,000 new properties are added to the list of historic properties around the nation each year, all of which are potentially eligible for the historic tax credit.
For more information, as well as photo images, contact Bank of America.
