[Congressional Record Volume 163, Number 97 (Wednesday, June 7, 2017)]
[Senate]
[Page S3330]
From the Congressional Record Online through the Government Publishing Office [www.gpo.gov]

      By Mr. LEAHY:
  S. 1306. A bill to amend the Internal Revenue Code of 1986 to 
establish refundable tax credits for expenses relating to ensuring 
safety and accessibility in historic structures; to the Committee on 
Finance.
  Mr. LEAHY. Mr. President, founded more than two centuries ago, 
Vermont boasts a trove of historically preserved buildings, structures, 
and towns. These are part of our heritage, and our State's character. 
Making a priority of managing and preserving our cultural heritage 
makes Vermont a National leader in this field.
  Of course, many of these historic structures do not meet modern fire 
prevention codes and lack basic features such as sprinklers, which can 
drastically reduce the potential for irreparable damage from a fire. 
Today I am reintroducing the Historic Downtown Preservation and Access 
Act, a bill that would create a refundable tax credit for the 
installation of fire suppression systems and elevators in older, multi-
use buildings in historic downtowns. Every year, fires destroy numerous 
historic buildings that often serve as the center of towns and villages 
across the nation. In 2011, the Brooks House in Brattleboro, Vermont, 
burned down after almost 150 years in use as a hotel and later, as a 
multi-use building for residential housing and commercial space. After 
six years of rebuilding and restoring, those who were displaced by this 
fire are finally getting back on their feet.
  The Historic Downtown Preservation and Access Act will establish a 50 
percent refundable tax credit of up to $50,000 that incentivizes the 
installation of sprinkler systems in order to help prevent and minimize 
damage caused by fire, including potential loss of life, extensive 
property damage, and, in some instances, federal funding that is 
reinvested during the restoration process. This bill also includes a 
provision to encourage the installation of elevators in our historic 
buildings, making them accessible to all. This would ensure that upper 
floors for commercial or residential use are accessible to everyone, 
including tenants and their guests. Finally, this bill is updated to 
establish a tax credit for the costs incurred when removing hazardous 
substances from historic buildings, like lead paint, asbestos, and 
radon.
  We should encourage the maintenance of the history and character of 
historic buildings and downtowns, while also ensuring that they remain 
safe and accessible to all. This bill is a responsible step forward in 
those efforts. As we look ahead to comprehensive tax reform, I hope 
that Congress will consider commonsense legislation like this that will 
help preserve our towns' unique histories and legacy features for 
decades to come, while promoting the safety of all Americans.
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