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Congressman Higgins Introduces Legislation to Preserve Historic Homes, Create Jobs |
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Legislation Supplements State Law, Extends Tax Credit to Homeowners
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Congressman Brian Higgins (NY-27) announces introduction and his co-sponsorship of H.R. 3670, the Historic Homeowners Revitalization Act of 2009 along with his colleagues in the House of Representatives. This bi-partisan legislation would supplement current state and federal laws to provide tax credits to historic homeowners for rehabilitation projects based on a model proven to create thousands of jobs.
“This small but measured tax credit proposal would go a long way toward encouraging economic investment in areas like Western New York that need it” Higgins said, “we need this tax credit to encourage responsible homeownership and to create new jobs, both now and into the future.”
The bill creates a 20 percent federal tax credit – up to $60,000 – for homeowners who rehabilitate historic structures. To qualify, the taxpayer must make qualified rehabilitation expenditures over a two year period that exceed more than $5,000 or the taxpayer’s basis in property, and must use the home as their primary residence. The bipartisan bill has been endorsed by The American Institute of Architects, Preservation Action, the National Trust for Historic Preservation and the National Conference of State Historic Preservation Officers.
The Historic Homeowners Revitalization Act builds upon the success of a tax credit for older and historic commercial buildings by extending it to owner-occupied historic housing. The tax credit also encourages private investment for developers who rehabilitate homes and sell them to individuals who use them as their principal residence.
The Historic Homeowners Revitalization Act gives homeowners access to the same kind of tax credits currently available to commercial developers through the national Historic Rehabilitation Tax Credit, a program that has helped preserve commercial buildings while creating 67,000 jobs. In July, the New York state assembly passed the Hoyt-Valesky historic tax credit bill which encourages economic investment by preserving historic buildings. Collectively, this offers a more comprehensive approach to community and economic revitalization.
Congressman Higgins is Co-Chair of the House Revitalizing Older Cities Task Force and a Member of the Ways and Means Committee, which has jurisdiction over this bill.
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