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SEN. SCHUMER ENDORSES CAPP ACT TO INCREASE HTC FUNDING

Monday, November 26, 2012 - 7:45AM

Sen. Charles E. Schumer, D-N.Y., Nov. 20, announced his support of the Creating American Prosperity through Preservation (CAPP) Act. The CAPP Act would, among other things, increase to 30 percent the amount of historic tax credits (HTCs) that renovation projects up to $7.5 million can claim, make more buildings eligible for the credits, provide additional HTCs for energy efficiencies and exempt state HTC proceeds from federal taxes. Schumer sees the HTC program and New Markets Tax Credit program as a two-pronged approach to revitalizing historic buildings in downtowns and urban cores.

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