Introduces bill to help rehabilitation in Cedar Rapids, Dubuque, Des Moines, Davenport, Centerville, Corning and Bloomfield
Washington, DC - Today, Rep. Bruce Braley (IA-01) introduced legislation to help rebuild Iowa communities that have been damaged by natural disasters. The Rebuilding Communities Act extends important tax breaks for the historic tax credit and rehabilitation tax credit, targeted at flooded Midwestern areas for an additional three years. By providing these tax credits to help damaged communities rebuild, they are able to complete important historic rehabilitation development projects and bring numerous employment opportunities back to these areas.
"It is vital that we give flooded cities the tools to continue to renovate and rebuild," said Rep. Braley. "I continue to work hard to help Iowans recover from the floods and tornadoes of 2008, as well as the most recent flooding this summer. Recovering from damage sustained from these disasters takes years, and now is not the time to let this disaster recovery tax credit expire."
"Iowa communities are resilient, but they need support as they rebuild from the damage and destruction these disasters caused. Helping our communities rebuild after they have been hit by a natural disaster is a critical step on the road to recovery. Ensuring that our communities have the ability to rebuild means increased job creation and faster economic recovery."
The Rebuilding Communities Act will extend tax provisions originally passed in 2008 in the Heartland Disaster Tax Relief Act. Included in the legislation were provisions to give tax credits to rehabilitate buildings in communities that were damaged or destroyed by Midwest disasters. Cities throughout Iowa, including Dubuque, Cedar Rapids, Davenport, Bloomfield, Centerville, Corning and Des Moines would all benefit from the extension of these tax breaks.
In 2008, the historic tax credit was raised from 20% to 26% of qualified expenditures for any certified historic structure. The rehabilitation credit was raised from 10% to 13% of qualified expenditures for certain other buildings undergoing rehabilitation. Currently, these tax breaks are set to expire on December 31, 2011. The Rebuilding Communities Act would extend these tax breaks for 3 years, through December 31, 2014.
