BILL WOULD ALLOW SCHOOLS TO BE REHABILITATED WITH HTCs
Sens. Jim Webb and Mark Warner, D-Va., today introduced legislation to provide a tax credit for communities that partner with private developers to rehabilitate older school buildings. The Rehabilitation of Historic Schools Act of 2011 would amend existing law to allow local governments to use the federal historic tax credit (HTC) to rebuild deteriorating schools. Sens. Webb and Warner, and Rep. Eric Cantor, R-Va., introduced similar legislation in the 111th Congress.
Michael J. Novogradac, CPA, will discuss the Rehabilitation of Historic Schools Act in the October 18 Tax Credit Tuesday podcast.