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 | Jul 22, 2020
New version of IAPMO’s Water Demand Calculator is available
Enhanced features include selection between single- and multifamily buildings.
Codes and Standards | Jul 22, 2020
Mobile app calculates sound transmission for wood-framed assemblies
American Wood Council tool for floor-ceiling assemblies.
Codes and Standards | Jul 22, 2020
Architecture billings remain in negative territory, begin to stabilize
Fewer architecture firms report declining billings this month.
Codes and Standards | Jul 20, 2020
N.Y. construction firm to pay $1.5 million to settle sexual harassment claim
Managers said to demand sex for pay and OT opportunities.
Codes and Standards | Jul 16, 2020
Tips to make optimal use of salvaged materials
Integrated teams, staging warehouse, and looking early and often, among recommendations.
Codes and Standards | Jul 15, 2020
Georgia gives the go-ahead for tall mass timber construction
Standards review scheduled to be completed by July 2021.
Codes and Standards | Jul 15, 2020
Softwood-lumber duties boost expenses amid COVID-19 outbreak
Little hope this year for resolution of trade dispute with Canada.
Codes and Standards | Jul 14, 2020
Metal Construction Assn. releases three EPD updates
Pertain to Metal Composite Materials, Insulated Metal Panels, and Roll Formed Aluminum and Steel Cladding.
Codes and Standards | Jul 13, 2020
5 must reads for the AEC industry today: July 13, 2020
4 technologies for improving building sanitation and tech's ever-evolving impact on the multifamily space.
Codes and Standards | Jul 9, 2020
Funding opportunity for field validation of high-impact building technologies
Dept. of Energy program targets dynamic interactions with electric grid.
