National Trust for Historic Preservation Applauds Senate's Introduction of the CAPP Act
Posted June 12, 2013 | Contact email@example.com or 202-588-6141
Washington - Today Senators Ben Cardin (D-Md.) and Susan Collins (R-Maine) introduced the bipartisan legislation, “Creating American Prosperity through Preservation” (CAPP) Act to enhance the federal historic rehabilitation tax credit (HTC) and make it easier for Americans to use. The following is a statement by Stephanie Meeks, president of the National Trust for Historic Preservation:
“The federal historic tax credit enables the preservation of places that celebrate our country’s architectural heritage and beauty, creates jobs which cannot be outsourced, and more than pays for itself. The HTC is a proven community-revitalizing tool that can be made even more effective with the proposed changes of the CAPP Act. We look forward to working with Congress to move this legislation forward, to protect our heritage and fuel our economy.”
The National Trust and the Historic Tax Credit Coalition have joined to form a multi-year campaign to protect and enhance the historic tax credit and the CAPP legislation is the lynchpin of the campaign. More information can be found at www.SaveHistoricCredit.org.
BACKGROUND ON THE FEDERAL HISTORIC TAX CREDIT
Since its inception, the federal historic tax credit has created 2.3 million jobs, rehabilitated 38,700 buildings, and spurred more than $106 billion in private investment. By adapting warehouses, schools, churches and other historic resources to meet modern needs for housing, arts space, offices and community centers, the HTC creates skilled jobs, revitalizes communities and fuels local economies.
BACKGROUND ON THE CREATING AMERICAN PROSPERITY THROUGH PRESERVATION (CAPP) ACT
The Creating American Prosperity through Preservation (CAPP) Act positions the federal historic tax credit to be an even greater job creation and economic development engine. The CAPP Act will make the historic tax credit easier to use and more accessible to strategic projects that create quality jobs, revitalize “Main Street,” generate high-impact community benefits and promote energy efficiency.