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Home News December 21, 2012
At its Nov. 15 business meeting, the ACHP membership adopted a resolution supporting the inclusion of specific monies for the Historic Preservation Fund in any special appropriation developed by the Administration or the Congress to deal with the impacts of Hurricane Sandy on historic properties. The resolution, mirroring requests made by major national preservation organizations, also urged adjustments to the Federal Rehabilitation Tax Credit (Historic Tax Credit) in affected areas. (See the letter conveying the resolution here.) The ACHP based its action on the provisions put into place in the aftermath of Hurricane Katrina in the Gulf Coast area.
On Dec. 7, the Administration put forth its $60.4 billion disaster spending bill, which did not include the preservation provisions. Subsequently, the Senate Appropriations Committee released its version of a recovery bill, also at $60.4 billion, that includes $50 million for the Historic Preservation Fund. Text of the legislation can be found here. The same week the Hurricane Sandy and Natural Disaster Tax Relief Act of 2012 was introduced in the Senate. This bill includes the requested in the Historic Tax Credit from 20% to 26%.
On the House side, several members proposed their own version of a tax bill related to Hurricane Sandy but does not include the increase in the Historic Tax Credit. No comparable funding bill has surfaced.