WASHINGTON, D.C.-- U.S. Senator Gary Peters has introduced legislation to encourage economic development through expanding the federal Historic Tax Credit.
Peters says projects that receive credits help revitalize communities and encourage private investment. They were created in 1976 to promote voluntary, private-sector investment in preserving historic buildings.
His changes include expanding the types of buildings eligible for the credit, eliminating the taxation of state credits, and creating a 30 percent credit for smaller deals.
Several sites in the Upper Peninsula have benefited from rehabilitation projects supported by the federal historic tax credit, including the Landmark Inn in Marquette.
