U.S. Senator Charles E. Schumer is leading the fight to revitalize New York's historic buildings!
Please join the Preservation League in thanking him for his efforts to secure enhancements to the federal Rehabilitation Tax Credit program and reauthorization of the federal New Markets Tax Credit program!
Sen. Schumer has already delivered on the federal New Market Tax Credit program. In December's fiscal cliff deal, he led negotiations to include a two-year reauthorization of the program, which spurs new or increased investments in businesses and real estate projects in low-income communities.
Now Sen. Schumer is working to enhance the federal Rehabilitation Tax Credit program, last updated in 1986.
The "Creating American Prosperity through Preservation" (CAPP) Act would
- increase the amount of the credit to 30% for projects with less than $5 million in qualifying rehabilitation expenditures;
- facilitate nonprofits' and government agencies' use of the credit to create affordable housing, community health centers, schools, and other projects that could transform struggling communities;
- give a boost to "green" projects by increasing the credit amount by two percentage points for projects that achieve 30% or more savings in energy consumption; and
- eliminate federal taxation of state rehabilitation tax credit changes, providing added incentive for projects eligible for the New York State Rehabilitation Tax Credit.
This legislation is awaiting reintroduction in the Senate and House in the 113the Congressional session.
Sen. Schumer's recent visits to Buffalo, Schenectady and Yonkers featured important projects that would benefit from these two federal programs. Please write Senator Schumer TODAY and let him know how these programs will benefit your project, community or region.
And if you haven't already done so, please sign up to receive our CapWiz Action Alerts. You'll be the first to know how you can take action on important preservation issues.
Colleen M. Ryan
Director of Communications
Director of Public Policy