Representative David McKinley (R-WV) recently introduced a bill entitled Preserving America’s Downtown and Heritage Act of 2013 (HR 2042) which would increase the rehabilitation credit for commercial buildings and provide a rehabilitation credit for principal residences. More specifically, HR 2042 would increase the HTC for certified structures to 25 percent, increase the tax credit for other, non-certified historic structures to 12.5 percent and would also provide a 20 percent tax credit for the rehabilitation of historic principal residences. The bill, which is co-sponsored by André Carson (D-IN), Ben Luján (D-NM), Paul Tonko (D-NY), and Peter Welch (D-VT) has been referred to the House Ways and Means Committee for consideration.

Click here to read HR 2042.