WASHINGTON - Today, U.S. Sens. Mark Warner (D-VA) and Shelley Moore Capito (R-WV) introduced the Rural Historic Tax Credit Improvement Act. This bill aims to streamline processes, reduce cost-burdens to rural home owners and small developers, and provide affordable housing incentives.
"By expanding access to historic tax credits, we can preserve our nation's rich heritage while also incentivizing the construction of more affordable housing. I'm proud to join Senator Capito in introducing this legislation to bring new life to abandoned buildings and grow the housing stock in in rural communities," Senator Warner said.
"Being a rural state shouldn't mean losing out on private investment incentives like tax credits to help us preserve our communities' history and revitalize local economies," Senator Capito said. "I have enjoyed working with the dedicated group of West Virginians who brought this issue to my attention and who provided important perspectives during the creation of this legislation. The Rural Historic Tax Credit Improvement Act will help level the playing field for communities in West Virginia by attracting investment for economic expansion and additional housing supply."
BACKGROUND:
Currently, many historic tax projects are not economically viable in small and rural areas, giving a disproportionate advantage of the credit to large urban developments. The costs associated with the credit as-is severely limits rural areas, and especially largely rural states like West Virginia, from being able to use the credit to rehabilitate and revitalize historic properties.
Through improvements to the credit included in the Rural Historic Tax Credit Improvement Act, rural Historic Tax Credit projects will be more financially feasible and will result in a higher number of these projects being completed in rural areas and states.
The Rural Historic Tax Credit Improvement Act: