[Congressional Record Volume 143, Number 36 (Wednesday, March 19, 1997)]
[Extensions of Remarks]
[Page E512]
From the Congressional Record Online through the Government Publishing Office [www.gpo.gov]




[[Page E512]]



       TAX CREDIT FOR HISTORIC HOME REHABILITATION AND COMMUNITY 
                             REVITALIZATION

                                 ______
                                 

                          HON. RICHARD E. NEAL

                            of massachusetts

                    in the house of representatives

                       Wednesday, March 19, 1997

  Mr. NEAL of Massachusetts.  Mr. Speaker, today I join Representatives 
Shaw and Kennelly in cosponsoring legislation that would provide a tax 
credit for the rehabilitation of a historic home. This legislation 
would help those who rehabilitate or purchase a newly rehabilitated 
home and occupy it as a principle residence.
  This tax credit would provide an incentive for the revitalization of 
many neighborhoods by promoting economic stability and home ownership. 
I represent the city of Springfield which has many older communities 
which would benefit greatly from this bill. The city of Springfield and 
its surrounding communities have many beautiful older historic homes 
and this tax credit provides a great opportunity for individuals to 
restore and live in these houses.
  The credit is capped at $50,000 and it would be for 20 percent of 
qualified rehabilitation expenditures. The credit is not based on the 
individual's income. However, the property must be used as a taxpayer's 
principle residence.
  Single-family and multifamily homes would qualify for the credit. A 
developer may rehabilitate a qualifying property for sale and pass the 
credit through to the home buyer. Properties eligible for the credit 
are those listed individually on the National Register of Historic 
Places or on a State or local register, as well as contributing 
buildings in national, State, and local historic districts.
  This tax credit is essential for revitalizing historic districts of 
our older cities. We have many beautiful homes and neighborhoods in our 
older cities and we should do everything possible to preserve their 
unique beauty. This tax credit helps preserve our history. I urge my 
colleagues to cosponsor this legislation.

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