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Historic building tax credit alive in US Senate, future uncertain in House

Source: neworleanscitybusiness.com/blog/2017/11/21/historic-building-tax-credit-survives-us-senate-future-uncertain-in-house/ - Nov 22, 2017

A federal tax credit that has helped renovate historic New Orleans buildings is still included in U.S. Senate legislation that overhauls the nation’s tax code.

But a measure passed by the House of Representatives earlier this month would repeal the credit, prompting concern among historic preservation advocates who are asking Louisiana’s congressional leaders for help.

The federal Historic Rehabilitation Tax Credit Program currently offers developers a 20 percent credit on qualified rehabilitation expenditures for a building that the National Park Service deems to be “certified historic structures.”

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Category: General Business