Official Summary

2/6/2012--Introduced.Creating American Prosperity through Preservation Act of 2012 - Amends the Internal Revenue Code, with respect to tax credits for building rehabilitation expenditures, to: (1) allow an increased 30% credit for projects involving $7.5 million or less in rehabilitation e

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Official Summary

2/6/2012--Introduced.Creating American Prosperity through Preservation Act of 2012 - Amends the Internal Revenue Code, with respect to tax credits for building rehabilitation expenditures, to:
(1) allow an increased 30% credit for projects involving $7.5 million or less in rehabilitation expenditures,
(2) provide for an additional 2% credit amount for a building that is a qualified energy efficient rehabilitated building (increased energy efficiency of 30% or more),
(3) change the placed-in-service requirement for non-historic rehabilitated buildings from before 1936 to 50 years prior to the year in which qualified rehabilitation expenditures are taken into account, and
(4) exempt from tax the proceeds of a state historic tax credit.

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