This spring, Sen. John Chafee (R-R.I.) and Rep. E. Clay Shaw Jr. (R-Fla.) introduced twin bills in the House and Senate. Coined The Historic Homeownership Assistance Act (H.R.1172/S.664), the proposed legislation would provide tax relief for owners of historic buildings.
Without going into full-blown detail, the legislation would establish a 20-percent tax credit to homeowners who rehabilitate or purchase a newly rehabbed house with certain historic value or in a historic district.
The beauty of this legislation is that it would provide not only business opportunities for remodelers, but also a golden opportunity to shed positive light on the industry.
As we mentioned last month, remodelers are often unfairly labeled as anti-environment instead of taking credit for what they are already doing regarding "green" remodeling.
These bills allow remodelers to set themselves firmly on the popular side of issues such as affordable housing, urban renewal, and sprawl. Passage of The Historic Homeownership Assistance Act would enable homebuyers to purchase historic buildings in need of work and remodel them at a reduced cost after the tax credit. Or a remodeler could purchase the property, rehab it, and pass the cost savings from the credit on to the purchaser. Either way, the house is occupied with a reduced price of investment.
Passage of the Act would also encourage property owners to rehabilitate aging housing stock, thereby revitalizing communities and neighborhoods in cities large and small.
From a public relations standpoint, passage of the Act would provide a way for remodelers to step up with a solid solution to uncontrolled sprawl. With the ability to recreate housing and revitalize cities, remodelers can take the high road and derail the sprawl issue.
In any case, introduction of this legislation gives the remodeling industry a chance to influence the nation’s housing.
The bill was introduced with broad bipartisan support: The Senate bill has nine cosponsors; the House version has 84. A full list of sponsors is available at www.house.gov and www.senate.gov. The Capital switchboard phone number is (202) 224-3121.
In talking with legislative staff, the bills have a good chance of passage. A telephone call, email, fax or letter would encourage Congress to follow through and make the bills law.
This is political action that pays off for the industry. Let your voice be heard.
Rod Sutton
Rsutton@cahners.com
Add new comment
Related Stories
Seats Limited: Women in Residential + Commercial Construction Conference
Join 300 women in Nashville from October 25-27 for the ninth annual women's construction conference
NARI Announces New Co-CEOs
The National Association of the Remodeling Industry announces two tenured leaders as co-CEOs, concluding a six month vacancy
Leaf Home Hires Chief Growth Officer as Company Continues to Expand
Nina George joins the large home improvement company and will drive efforts to add new locations and new product lines
Remodeling Spending to Decline at Faster Rate, Says Harvard
Remodeling spending may drop for the first time since 2020, according to predictions from Harvard's Remodeling Futures Program
New Immigration Law Adds to Contractor Labor Woes
Migrant workers are fleeing Florida and construction companies are feeling the impact
What Fuels Window and Door Projects?
Two recent surveys identify the top reasons homeowners opt for window and door replacement projects
4 Things for Remodelers to Understand About Google Analytics 4
The new era of Google Analytics is here, and it's set to help you make better marketing decisions through in-depth metrics
Inspiration for Disney Movie Invincible to Headline Premier Remodeling Industry Event
Former Philadelphia Eagles team captain Vince Papale will share his made-for-Hollywood underdog story with remodeling and home improvement professionals at Pro Remodeler's The Pinnacle Experience 2023
NAHB Remodeler of the Year: Robert Greaves
By prioritizing employees, customers, and community, People Come First Construction Group rises to the top of the remodeling ranks
Leading with HEART: A Remodeler's Book on Leadership, Company Values
F.H. Perry Builder Owner Allison Iantosca shares the experience of writing a book based on her company's values