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 | Aug 10, 2020
Concrete Institute and Post-Tensioning Institutes expand partnership
Will collaborate on new structural post-tensioned concrete code requirements.
Codes and Standards | Aug 6, 2020
SpeedCore demonstrates excellent fire resistance without additional fire-protective coatings
New York City approves metal-concrete product for all five boroughs.
Codes and Standards | Aug 5, 2020
Designing, redeveloping communities for zero energy needed to address climate change
District heating and cooling systems boost efficiency.
Codes and Standards | Aug 4, 2020
Virginia is the first state to adopt COVID-19 worker safety rules
Include social distancing requirements, notifications when co-worker tests positive, timelines to return to work after recovery.
Codes and Standards | Aug 3, 2020
Report aids local governments on policy options, pathways to electrify new buildings
Document focuses on switching appliances and equipment away from natural gas, propane.
Codes and Standards | Jul 30, 2020
Institute for Market Transformation acquires Energy-Efficient Codes Coalition
Goal is to achieve net-zero construction by 2050.
Codes and Standards | Jul 29, 2020
Crackdowns grow on construction firms that fail to follow COVID-19 guidelines
States, cities, and OSHA enforce social distancing, hand-washing regulations.
Codes and Standards | Jul 28, 2020
California utility adopts climate emergency declaration
Sacramento-region company commits to working towards carbon neutrality by 2030.
Codes and Standards | Jul 27, 2020
Updated Energy Plus and OpenStudio building energy modeling tools released
Software offers performance enhancements.
Codes and Standards | Jul 23, 2020
North Carolina will stop relying on FEMA flood mapping
State will identify flood zones on its own.
