Virginia Senators Propose Bill to Allow HTCs for School Rehabilitations
Virginia Sens. Tim Kaine and Mark Warner reintroduced Wednesday the School Infrastructure Modernization Act, which would expand the federal historic tax credit (HTC) to allow for rehabilitations of schools that continue to operate as such. S. 2883 would exempt schools from the credit’s current requirement to serve a different function than previously. The law would apply beginning Dec. 31, 2021, with a window for the U.S. Department of the Treasury to review it before the end of 2026. Rep. Dwight Evans, D-Pennsylvania, introduced companion legislation in the U.S. House of Representatives.
Hear how pending legislation could shape HTC development at the Novogradac 2021 Historic Tax Credit Conference, Oct. 7-8 in Chicago.