Preserve Historic America Act of 2007 (H.R.610)

On Monday, January 22nd, Representative Russ Carnahan (D-MO)introduced the Preserve Historic America Act of 2007 (H.R.610) that proposes to amend the Internal Revenue Code of 1986 to expand the incentives for the rehabilitation of older buildings, including owner-occupied residences.  Representative Carhanan introduced an identical bill – H.R.5420 – in the 109th Congress.   Provisions in the bill:

• Expand the credit to residential housing
• Create a credit to allow for moderately rehabilitated buildings
• Permit credits to be transferred or assigned
• Raise the tax credit rate to 25 percent for certified historic structures
• Change the definition of a qualified rehabilitated building to buildings older than 50 years
• Exempt historic tax credits from the effects of passive loss rules Reduces the basis adjustment requirements for filers claiming both the Low Income Housing Tax Credit as well as the historic preservation credit
• Raise the historic preservation rate to 130% for structures located within geographic designations considered low-income

A study of the Missouri Historic Preservation Tax Credit Program showed that state assistance of $74 million in tax credits contributed to $267 million in Missouri income, $381 million in gross state product (GSP), and 10,278 Missouri jobs.

In his media advisory, Representative Carnahan stated: "The state of Missouri has led the way in creating the most utilized historic preservation tax credit in the country and I am proud to bring my home state's successes to the federal level.  H.R. 610 will provide the economic incentive necessary to save our historic treasures while simultaneously creating far-reaching monetary benefits."

Representative Carnahan secured 20 cosponsors including the chair of the Ways and Means Committee, Representative Charles Rangel (D-NY), and other Ways and Means Committee members, RepresentativesJohn Lewis (D-GA), Ron Lewis (R-KY), Allyson Schwartz (D-PA), and Stephanie Tubbs Jones (D-OH).   Other cosponsors of the bill include:  Representatives Ike Skelton (D-MO), Bart Gordon (D-TN), William Lacy Clay (D-MO), Emanuel Cleaver (D-MO), Charlie Gonzalez (D-TX), Maurice Hinchey (D-NY), Rush Holt (D-NJ), Carolyn Maloney (D-NY), Jim Marshall (D-GA), Dennis Moore (D-KS), Donald Payne (D-NJ), Steve Rothman (D-NJ), Mark Souder (D-IN), and Ray LaHood (D-IL).

The bill has been referred to the House of Representatives Ways and Means Committee.  The full text of the Preserve Historic America Act of 2007 can be viewed at: http://thomas.loc.gov and entering “H.R.610” as the bill number. 

Information obtained from:

WEEKLY UPDATE FOR STATE HISTORIC PRESERVATION OFFICES

January 26, 2007 | Volume 10, Number 3

Prepared By:  Preservation Action

National Building Museum

401 F Street NW Room 324

Washington, DC 20001

Tel: 202-637-7873

Fax: 202-637-7874

www.preservationaction.org

posted 1/29/07 pk