House Panel Votes For Credits For Historic Work
A House committee has approved a bill that would provide tax credits for rehabilitating historic structures or non-historic buildings that were built before 1936.
The House education budget committee approved the bill unanimously. The sponsor, Republican Sen. Victor Gaston of Mobile, told committee members it would encourage home and business owners to make improvements to historic structures.
The bill authorizes an income tax credit of 25 percent of eligible expenses for rehabilitating a historic structure and 20 percent for improving a non-historic building built before 1936.
Montgomery Realtor Sandra Nichols supports the bill. She said similar legislation has helped revitalize downtowns in other parts of the country.
The bill now goes to the full House for debate.
Copyright 2013 The Associated Press.