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
| Sep 7, 2012
Twenty years later, Florida contractors cite Hurricane Andrew as construction game-changer
Remarking on the 20th anniversary of Hurricane Andrew, which devastated south Florida; contractors are noting the storm’s impact on their industry—including the state’s adoption of tougher building codes.
| Sep 7, 2012
At risk for nine types of natural disasters, Texas trails most coastal states on building codes
Texas has the most diverse weather risk in the country, with exposure to nine different types of natural disasters.
| Aug 30, 2012
OSHA plans new crane-safety standards for demolition and underground work
The new rule will streamline OSHA’s standards by eliminating the separate cranes and derricks standard currently used for underground and demolition work.
| Aug 30, 2012
Federal government cancels defense contracts worth $2.15 billion
This action may foreshadow federal spending cuts scheduled for year's end if Congress takes no action on the federal budget.
| Aug 30, 2012
Public comment period is open for CRRC-1 standard
The CRRC-1 standard covers specimen preparation and test methods for measuring the initial and aged solar reflectance and thermal emittance of roofing products.
| Aug 30, 2012
LEED system's footprint reaches 2 billion sf, with 7 billion sf in the pipeline
About 7 billion more sf of commercial space is expected in the pipeline.
| Aug 30, 2012
Georgia drops LEED wood source standard on state projects
Currently, LEED green building standards only accept timber products certified by the Forest Stewardship Council (FSC).
| Aug 21, 2012
AGC offers second edition of the Federal Government Contractor: Ethics & Compliance Programs manual
This publication helps contractors appreciate the grounds for an alleged violation of the expected standards of business conduct and ethics, and to develop, implement, and document an effective ethics and compliance program.
| Aug 21, 2012
Federal Safe Building Code Incentive Act’s bipartisan support, no notable objection, bodes well for passage
The Safe Building Code Incentive Act would give states a little extra post-disaster federal funding if they enacted and enforced nationally recognized building codes for businesses and residences before disaster strikes.
| Aug 16, 2012
New York’s Barclays Center project accused of ignoring noise, pollution regulations
Construction crews racing to finish the Brooklyn Barclays Center are ignoring strict regulations to reduce noise and pollution, a new report by critics has found.