Senate Votes to Leave "Rehab Credit" Intact

The U.S. Senate has voted against eliminating a tax incentive for renovating existing buildings. Intense lobbying by preservationists led to the defeat of a plan to sunset the portion of the

Federal Historic Rehabilitation Tax Credit that applies to pre-1936 Main-Street-style commercial buildings that are not designated historic. The rehabilitation credit was enacted in 1981 to encourage private-sector reinvestment in existing buildings. The elimination of the credit had been proposed to help pay for the larger Jumpstart Our Business Strength (JOBS) bill, which the chamber approved. More information is available at www.nationaltrust.org.