A bill to amend the Internal Revenue Code of 1954 to encourage the preservation and rehabilitation of historic buildings and structures, and for other purposes.
Historic Preservation Tax Act - Title I: Short Title - Sets forth the popular name for this Act.
Title II: Rehabilitation of Historic Structures - Provides under the Internal Revenue Code for the preservation and rehabilitation of historic structures by allowing a tax deduction with respect to the amortization of the amortizable basis of any certified historic structure based on a period of 60 months.
Specifies that no deduction shall be allowed for any expense or loss incurred as a result of the destruction of a certified historic structure. Limits deductions on structures erected upon a site which was occupied by a certified historic structure which was demolished or substantially altered.
Title III: Rehabilitation of Historic Property - Allows a taxpayer to compute the depreciation deduction attributable to substantially rehabilitated historic property as though the original use of such property commenced with him.
Title IV: Charitable Transfers for Conservation Purposes - Allows income, estate and gift tax deductions for transfer of remainder or partial interests in property for conservation purposes.
Introduced in House
Introduced in House
Referred to House Committee on Ways and Means.
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