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Monday, January 28, 2013

Historic Preservation Tax Credit Rules to be Reviewed

Detroit Free Press:  Historic Preservation Tax Credit Rules to be Reviewed:

U.S. Interior Secretary Ken Salazar said in Detroit Friday that he has ordered a review of rules governing the use of historic preservation tax credits with a view to making the credits easier to use in cities like Detroit. He made the remarks following a tour of several historic preservation projects accompanied by U.S. Sen. Carl Levin, D-Mich., and Quicken Loans founder and chairman Dan Gilbert.

The U.S. government allows developers of historic properties to take a 20% tax credit of their project costs. The goal is to encourage more preservation of historic architecture. Salazar said that over the years the historic tax credit has been used to renovate 39,000 historic buildings in the U.S., involving $66 billion in private investment and helping create more than 2.2 million jobs. ...

[D]evelopers have long complained that the historic tax credit is difficult to use for a variety of reasons. Salazar acknowledged as much, saying the review he ordered would be completed by March 1.

(Hat Tip: Mike Talbert.)

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