The Trump Administration’s proposed tax reform bill would kill off tax credits aimed at restoration of historic properties.
Historic tax credits provide a 20% discount to developers who redevelop properties on the historic register and a 10% discount to developers who revitalize old properties not listed on the register. Real estate professionals note that these tax credits offer incentives for preservation and revitalization of neighborhoods and spur economic development.
The tax incentives apply to total project costs, both hard and soft, including fees for designers and structural engineers. Renovation of historic properties is often more expensive than demolishing them and building new. So, the elimination of historic tax credits could result in fewer historic structures being preserved.
In addition, many contend that preserving an existing building is a more sustainable strategy that demolition and rebuilding. Thus, the loss of the tax credit is also at odds with greening the built environment, advocates point out.
Related Stories
Codes and Standards | May 24, 2018
‘Amazon tax’ could slow Seattle’s construction boom
City imposes employer head count tax to fund affordable housing.
Codes and Standards | May 23, 2018
AAMA releases 2017/2018 fenestration market studies
Offers forecasts of industry trends.
Codes and Standards | May 22, 2018
Registration open for 2018 National Energy Codes Conference
U.S. Department of Energy event to be held July 15th-17th in Austin.
Codes and Standards | May 21, 2018
New standard tests quietness of floors
ASTM International method will help manufacturers test their flooring materials.
Codes and Standards | May 17, 2018
California will require solar panels on most new homes
Projected to add $10,000 to cost of new homes.
Codes and Standards | May 16, 2018
New resources offer tips on off-site construction
NIBS documents address using pre-cast concrete, and commercial and legal considerations of modular construction.
Codes and Standards | May 15, 2018
Blast testing of loaded mass timber structures yields positive results
Four tests covered a spectrum of blast loads.
Codes and Standards | May 14, 2018
Maryland makes general contractors liable for failure of subs to pay employees
GCs could have to pay for up to three times the wages owed.
Codes and Standards | May 10, 2018
Data collection, machine learning boost building efficiency
Sensors, software algorithms squeeze out waste.
Codes and Standards | May 9, 2018
OSHA and state safety agencies write more than 100 silica citations in 6 months
Actions tending to come with investigation of other site conditions.
