Historic Tax Credit Improvement Act Introduced

Representative Mike Kelly (R-PA) introduced this week HR 3846, also known as the Historic Tax Credit Improvement Act of 2015. The Historic Tax Credit Improvement Act of 2015 proposes changes to the federal Historic Tax Credit to further encourage reuse and redevelopment in small, midsize and rural communities. The bill will increase the credit from 20 to 30 percent for projects with rehabilitation expenses of less than $2.5 million, which will help inject new private investment into smaller and more rural communities.  Other improvements include simplifying the process for the transfer of historic tax credits to investors for projects under $2.5 million. The bill provisions would be the first major changes to the federal Historic Tax Credit since the 1986 tax bill. The bill at introduction has bipartisan support with 9 original cosponsors.

The new legislation adds several provisions and eliminates others from the Creating American Prosperity through Preservation (CAPP) Act that was introduced in previous sessions.

Contact Us

Have any questions? Send our team an email and we'll get back to you as soon as posible. *Warning: Do not send or include any information in any email generated through this web site if you consider the information confidential or privileged. By submitting information by email or other communication in response to this web site, you agree that the communication does not create a lawyer-client relationship between you and the law firm and its lawyers and that any information submitted is not confidential and is not privileged. You further acknowledge that, unless the law firm subsequently enters into a lawyer-client relationship with you, any information you provide will not be treated as confidential and any such information may be used adversely to you and for the benefit of current or future clients of the law firm.

Start typing and press Enter to search