Historic Rehabilitation Tax Credit Act (SB1723 / HB1474)
STATUS: Bill Did Not Pass House/Senate – Dead for 2014
Sponsored by Senator Jack Johnson & Rep. Steve McDaniel
Synopsis: This legislation establishes a tax credit for an owner of a certified historic structure that incurs qualified rehabilitation expenditures for the rehabilitation of that structure.
AIA Position: Historic rehabilitation investment drives economic development, creates jobs and spending, brings vacant buildings back into active commerce, causes real estate values and real estate tax revenue to appreciate, and revitalizes main streets and downtowns. Of equal importance is the opportunity to bring new life to a historic building, while preserving features which convey its historical, cultural and architectural values. Having more of this activity across Tennessee would be a very positive development.