Historic Tax Credits News Briefs - March 2014

Saturday, March 1, 2014

On Jan. 9, the Internal Revenue Service (IRS) issued a revised version of Revenue Procedure 2014-12. Originally released on Dec. 30, Rev. Proc. 2014-12 provides safe harbor guidance for historic tax credit (HTC) transactions. The revised document includes changes in Paragraph 4 of the Scope section and Section 4.06 (3) and Section 4.07 of the Safe Harbor section, as well as changes in Internal Revenue Code (IRC) 50(d) income. A discussion about the revisions can be found on the Notes from Novogradac blog at novogradac.wordpress.com.

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On Jan. 27, Sens. Richard Durbin, D-Ill. and Mark Kirk, R-Ill., introduced S. 1962, the Pullman National Historic Park Act. The bill would establish the Pullman National Historical Park in Chicago, Ill. as a unit of the National Park System. In 1880, industrialist George Pullman founded on the site an industry town for the workers who built Pullman sleeping cars for passenger trains. The district was the location of the first industrywide strike in 1894, which led to the creation of Labor Day. The site was placed on the National Register of Historic Places in 1969, and was designated a National Historic Landmark in 1970. The National Trust for Historic Preservation has also designated the 300-acre site as one of its 35 national treasures. At press time, it was referred to the Committee on Energy and Natural Resources. The bill is available at www.historictaxcredits.com.

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The Advisory Council on Historic Preservation (ACHP) released a notice Jan. 10 announcing the creation of a Section 106 Applicant Toolkit. This toolkit provides step-by-step tips and guidance for applicants. The toolkit includes an overview of the requirements and detailed guidance on consultations and engaging stakeholders. The toolkit is available at www.achp.gov.

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Because of the success of its project in Los Angeles, the Partnership for Building Reuse is expanding to include Baltimore and Philadelphia. This project is a collaborative effort between the National Trust for Historic Preservation and the Urban Land Institute (ULI). During the next six months, the two organizations will research local building and development trends, discuss plans with the community and determine financial, technical and regulatory barriers to reuse and development in the cities. They will also work on providing strategies for overcoming these barriers, and will present an action plan to local officials in both cities.

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ACHP announced the launch of a new section on its website, Involving All People in Preservation, in mid-January. This section will provide a series of articles on individuals who are involved in historic preservation across the United States. People were asked questions about their own backgrounds, professional endeavors and their current projects. They were also asked why they feel it is important to preserve their community’s heritage. Individuals profiled on the site include Cassie Chinn, deputy executive director of Wing Luke Museum of the Asian Pacific American Experience, Patricia O’Donnell, founder of Heritage Landscapes LLC, and Dennis Arguelles of Los Angeles’ Historic Filipinotown. The articles can be found at www.achp.gov.

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On Feb. 3, the Preservation League of New York State and the New York State Council on the Arts announced the availability of applications for Preserve New York grants. Grants are available to eligible municipalities and nonprofit organizations and will range from $3,000 to $10,000. A total of $100,000 is available. Eligible projects may include but are not limited to a historic structure report for a cultural institution or public building, a historic landscape report for an Olmsted-designed park or a cultural resource survey of a downtown or residential neighborhood. The application deadline is May 5.

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