Monday, January 28, 2013

Tax credit for historic preservation to be reviewed

U.S. Interior Secretary Ken Salazar said in Detroit Friday that he has ordered a review of rules governing the use of historic preservation tax credits with a view to making the credits easier to use in cities like Detroit. He made the remarks following a tour of several historic preservation projects accompanied by U.S. Sen. Carl Levin, D-Mich., and Quicken Loans founder and chairman Dan Gilbert. The U.S. government allows developers of historic properties to take a 20% tax credit of their project costs. The goal is to encourage more preservation of historic architecture. Salazar said that over the years the historic tax credit has been used to renovate 39,000 historic buildings in the U.S., involving $66 billion in private investment and helping create more than 2.2 million jobs...more

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