Washington, D.C. – Congressman David B. McKinley, P.E., (WV-1) and Congressman Paul Tonko introduced legislation that will encourage private sector investment in the rehabilitation and reuse of historic buildings.

“Protecting and restoring America’s historic downtowns is an important part of preserving our national heritage while kick-starting economic growth. Revitalizing historic buildings will not only help preserve our nation’s heritage, it will also create jobs across a wide range of industries,” said McKinley.

“Expanding tax incentives for preservation will help bring new private sector investment and accomplish both of those goals,” McKinley said.

“Our historic neighborhoods keep the monuments of our past close at hand. Revitalizing and repurposing these communities diversifies our economy and highlights our unique heritage. I thank Congressman McKinley for his critical work on this often forgotten issue. I look forward to working together with him to get this bill passed,” said Tonko (NY-20).

Background on the Preserve America’s Historic Downtown Residences Act

Since 1976, the federal Historic Preservation Tax Incentives programs has encouraged private sector investment in the rehabilitation and re-used of historic buildings. This cost-effective community revitalization program has leveraged nearly $75 billion in private investment that was used to preserve over 40,000 buildings.

This legislation increases the rehabilitation rate to 12.5% for commercial buildings and certified historic structures. It also creates a new 20% tax credit for certified historic buildings that are used as the primary home of the qualified taxpayer.