Expansion of tax will preserve historic buildings, Senator Peters says

WASHINGTON — Bipartisan legislation proposed by U.S. Senator Gary Peters would enhance a tax credit that helps communities across the state preserve historic buildings.

Senator Peters wants to make changes to the Historic Tax Credit Act that was passed last year. One of those changes includes a 30 percent tax credit for any historic rehab project that comes in at $2.5 million or under.

Peters says the bill protects Michigan’s historic sites, especially when it comes to their economic impact, no matter how big or small the historical site may be.

“What we’ve seen in cities and towns across America is that if you have a showcase of an historical property in your downtown area, if you’re able to rehab that, you can really use that as a catalyst to bring even more development up and down main street,” said Peters. “This is something that we know works. The program has been very successful in the past and this is an attempt to expand it.”

There are currently six of these ongoing projects in the state. Since 2002, the Federal Historic Tax Credit has helped with nearly 300 projects here in Michigan, including the Landmark Inn in Marquette.