PlainBillCongress, translated.Legislation. Context. Public interest.Sponsor introductory remarks on measure. (CR H1155)
Congressional Research Service
Version 00 · Introduced in House · Jan 22, 2007
Preserve Historic America Act of 2007 - Amends the Internal Revenue Code to modify the tax credit for rehabilitation of older and historic buildings by: (1) increasing from 20 to 25% the tax credit rate for certified historic structure rehabilitation expenditures; (2) permitting a building at least 50 years old to qualify for the rehabilitation tax credit (currently, a building must have been placed in service before 1936); (3) permitting qualified rehabilitated buildings to be used for lodging purposes; (4) limiting to 50% the basis reduction for buildings qualifying for the low-income housing and rehabilitation tax credits; (5) allowing an increased rehabilitation tax credit for certain buildings in difficult development areas or which qualify as small rehabilitation projects; (6) exempting tax credits for rehabilitation of certified historic structures from the calculation of the passive activity credit; and (7) permitting the assignment of rehabilitation tax credits.
Allows a new tax credit for 20% of the cost of rehabilitating a qualified historic home. Defines "qualified historic home" as a certified historic structure which has been substantially rehabilitated and which is owned by the taxpayer and is or will be used as the taxpayer's principal residence.
People & committees
Rep. Carnahan, Russ [D-MO-3] · D–MO
Legislative record
A procedural vote is different from passage. Passage in one chamber does not establish enactment. Explore the glossary.
Sponsor introductory remarks on measure. (CR H1155)
Referred to the House Committee on Ways and Means.
Introduced in House
Introduced in House
Primary sources
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No related bills are listed in this snapshot. This does not establish whether the proposal has appeared in earlier Congresses.
Source last updated: Aug 14, 2025. Consult Congress.gov for the current record.
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