TAX CREDIT PROPOSED FOR SPRINKLERS, ELEVATORS IN HISTORIC BUILDINGS
Sen. Patrick Leahy, D-Vt., on Aug. 1 introduced legislation to provide a refundable tax credit for the installation of sprinklers and elevators in historic buildings. The Historic Downtown Preservation and Access Act (S. 1421) creates a 50 percent refundable tax credit, capped at $50,000 per project, to offset the cost of installing fire sprinklers and elevators in older multi-use buildings. S. 1421 has been referred to the Senate Finance Committee. Text of the legislation will be posted to the Historic Tax Credit Resource Center when it is available.
Learn more about recently introduced legislation, like the Historic Downtown Preservation and Access Act, by attending the Novogradac Historic Tax Credit Conference in Detroit, Sept. 19-20.