Platts Legislation Would Reduce Sprawl, Protect Farmland, and Offer Tax Incentives

Washington, D.C. - Today Congressman Todd Platts (PA-19) introduced House of Representatives Bill 5165 (H.R. 5165), the "Heritage Homes Act of 2002," which is aimed at reducing the spread of suburban sprawl and promoting urban renewal.

"The implementation of H.R. 5165 would help to spur the revival of cities and towns across the nation, while easing the pressure of new housing and preserving prime farm lands," Congressman Platts asserts. "The Heritage Homes Act of 2002 offers a viable option for reducing suburban sprawl without imposing strict legal controls about sprawl."

The Heritage Homes Act of 2002 offers a tax incentive to citizens who purchase and use "heritage homes." Heritage homes are those that meet at least one of the following criteria:

The home was constructed 50 years or more ago;
The home is a certified historical structure;
The home is located in a registered historical district; or
The home is on land which was plotted for residential purposes 50 years or more ago.

As an incentive to encourage Americans to purchase heritage homes and revitalize older neighborhoods, H.R. 5165 would allow owners of heritage homes who use that home as their primary residence to deduct 125% of their home mortgage (instead of the standard 100%) from their annual federal income tax return.

###