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
| Oct 31, 2013
Effects of green, white roofs to be compared at Walmart in Oregon
Portland State University will construct a 40,000 sf green roof research site on the top of a new Walmart store in North Portland, Ore., and compare it to a 52,000 sf section of roof with a white membrane.
| Oct 31, 2013
GSA okays Green Globes; USGBC counters forestry industry concerns
Green Globes, a LEED rival, was recently declared to be nearly equal with LEED standards by the General Services Administration.
| Oct 25, 2013
California struggles with updated seismic codes
In California, there are still hundreds of concrete buildings that need reinforcement to bring them up to the new seismic code.
| Oct 24, 2013
Supplement No. 2 to AISC 358-10 Prequalified Moment Connection Standard available for public review
Supplement No. 2 to the American Institute of Steel Construction (AISC) standard Prequalified Connections for Special and Intermediate Steel Moment Frames for Seismic Applications (AISC 358-10) is now available for public review.
| Oct 24, 2013
Changes in LEED v4 will have large impact on materials manufacturers
Changes to LEED in LEED v4 are so dramatic that they will send ripples into other industries and shift expectations on sustainability reporting and performance far beyond the building industry.
| Oct 24, 2013
D.C. office buildings going green at twice the national average
In 2011, about 33% of new office buildings in the U.S. were built to green standards, but in the nation’s capital that rate has skyrocketed.
| Oct 18, 2013
AGC considers suit over new hiring goals for vets, disabled
The Associated General Contractors of America and the HR Policy Association are reportedly considering taking legal action over the Labor Department's new hiring goals for veterans and disabled people.
| Oct 18, 2013
Cities may be more capable of driving sustainability than nations, experts say
With countries not tackling climate change aggressively, cities are in the best position to drive increased sustainability.
| Oct 8, 2013
Kansas City board OKs $1.6 billion TIF for $4.3 billion redevelopment project
Kansas City’s Tax Increment Financing Commission voted unanimously to forward the Bannister & I-435 TIF Plan to the Kansas City Council for approval.
| Oct 8, 2013
New Orleans advances $1 billion construction plan including new airport terminal
New Orleans plans to invest $1.1 billion in construction projects over the next five years.