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 | Jun 21, 2017
Senate bill would prohibit tax money for sports stadium projects
Bipartisan legislation would prevent use of municipal bonds by pro teams.
Codes and Standards | Jun 19, 2017
Developer, architect hit with $10 million construction defect verdict
Case pertained to construction of condo development that was not fire code-compliant.
Codes and Standards | Jun 19, 2017
Green building advocates erect icehouses on Penn. state capitol steps to make point on codes
State’s codes have not been updated since 2009.
Codes and Standards | Jun 15, 2017
Cornell Tech unveils plans to reach Net Zero at The Bloomberg Center
Campus plans include photovoltaic arrays and geothermal ground source heat pumps.
Codes and Standards | Jun 13, 2017
Canada Green Building Council and Green Business Certification Inc. announce partnership
New joint venture will deliver enhanced services and support tools and programs throughout Canada.
Codes and Standards | Jun 8, 2017
Nail-Laminated Timber Design and Construction Guide released
New document focuses on design and construction considerations for horizontal NLT applications.
Codes and Standards | Jun 8, 2017
Car sharing popularity means parking zoning and codes may be promoting overbuilding of garages
Some designers look to modular designs in anticipation of alternate uses.
Codes and Standards | Jun 7, 2017
IAPMO advances toward new 2017 Water Efficiency and Sanitation Standard
Revised pipe-sizing method for residential applications will be included.
Codes and Standards | Jun 7, 2017
New Colorado law could stimulate stalled condo market
Construction defect law modifications could ease litigation risk and cut insurance rates.
Codes and Standards | Jun 6, 2017
New York City will require construction superintendents on buildings higher than three stories
New laws focus on construction safety.
