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<br />One in a series of Historic Preservation Information Booklets
<br />
<br />A Guide to
<br />Tax-Advantaged'
<br />Rehabilitation
<br />by Jayne R Boyle, Stuart Ginsberg
<br />and Sall1 G. Oltlltam
<br />reoisedby
<br />DOftO'Qaft D. Rypkema
<br />
<br />Rtween 1981 and 1986 more
<br />private money was Plvested in
<br />the rehabilitation of h~storic buildings
<br />than had been spent for the same
<br />purpose during all of the rest of
<br />American history combined. This
<br />investment was stimulated by federal
<br />tax inqentives f11'St adopted in 1976.and
<br />ex.panded in 1978 and 1981.
<br />
<br />Those incentives saved thousands of
<br />important historic buildings. What has
<br />been realized retrospectively, however,
<br />is that the federal historic rehabilita-
<br />tion tax credit program was one of the
<br />most potent urban revitalization .tools
<br />ever created and certainly the mos,t
<br />cost eff~ve.
<br />
<br />'.' :...:."~:r;.~.,
<br />
<br />When A Guide to Tax-AtJo(lnttzged
<br />ReholJilittztioft was first written, Con-
<br />gress had just passed the Tax. Reform
<br />Act of 1986. That act eliminated most
<br />
<br />e
<br />
<br />The Rookery, (I 19th-
<br />C81Jtury office bttilding,
<br />reopened in 1992
<br />follO'lllJing (I three-year
<br />restoration. TIte
<br />bttilding is located in
<br />the C81Jter of Chicago ~
<br />fiMwl district.
<br />
<br />
<br />l'.".
<br />
<br />of the incentives that had been added
<br />to the tax code over the years. Reha-
<br />, bilitation credits were retained,
<br />however, because Congress recognized
<br />their important impact on communi-
<br />ties of all sizes. Substantial changes
<br />were made to the earlier ince~tive
<br />
<br />program, however, including reducing
<br />the amount of the credit, precluding .
<br />highwincome taxpayers from' ~g
<br />the credit, and adding a "passive loss" ,
<br />provision that severely limited the
<br />amount of the credit available to a
<br />taxpayer in any given year.
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