Senator Patrick Leahy (D-VT) recently introduced the Historic Downtown Preservation and Access Act (S. 1421) to amend Section 47 of the Internal Revenue Code to provide a refundable tax credit for the installation of sprinklers and elevators in historic structures. S. 1421 would create a 50 percent refundable tax credit not to exceed $50,000 per project to offset the cost of installing fire sprinklers and elevators in older multi-use buildings. The measure currently has no additional cosponsors and was referred to the Senate Committee on Finance for consideration.

Click here to read S. 1421.