Senators Jim Webb (D-VA) and Mark Warner (D-VA) today introduced “The Rehabilitation of Historic Schools Act of 2011,” which provides a tax credit for communities to partner with private sector developers to rehabilitate the nation’s older school buildings. The legislation amends existing law to allow local governments to use the Federal Rehabilitation Tax Credit to rebuild decaying schools. The Rehabilitation of Historic Schools Act of 2011 would:
- Amend the law to promote greater leverage of the Federal Rehabilitation Tax Credit, allowing communities to partner with the private sector to attract new investment, rehabilitate public K-12 schools, and help revitalize surrounding communities.
- Ensure that the Act is fulfilling its stated goal by requiring that within five years of enactment, the Secretary of the Treasury, in consultation with the appropriate agencies, will report to Congress on the effects of the law.
Click here for the text of the bill.