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Heritage supporters back proposed new tax credit

An old home such as this one could benefit from the proposed heritage tax credit. (Photo NEWS 1130's John Streit)
Summary

Heritage tax credit being proposed

The US has had one for 40 years

Any heritage property would qualify

VANCOUVER (NEWS 1130)- It’s not easy maintaining historic homes and businesses in Canada and sadly, many are lost every year.

However, the heritage community and supporters are coming together to back the long-awaited heritage tax credit.

The 20% tax credit and a capital cost allowance were introduced in the House of Commons last month as a private member’s bill, C-323.

Gord Macdonald with Heritage BC says this is something the heritage community has wanted for a long time.

“It’s consistent with our goals to preserve cultural heritage. It seeks to do that by creating an incentive to rehabilitate heritage buildings rather than to replace them.”

He calls this part of the “antidote” to what he calls the “terrible” losses of heritage we’ve seen in Vancouver and Victoria.

“Consider a Facebook page like ‘Vancouver Vanishes’ pulled together by members of the community just to document the loss of character homes and heritage in their community. These are really tragic times for our built heritage and this is part of a multi-pronged response to combat that.”

Macdonald says anybody with a property recognized as having heritage value qualifies.

The National Trust of Canada says the tax credit would create more skilled jobs and generate less carbon than new construction.

The United States has had a Federal Historic Tax Credit Program in place for 40 years.

About Bill C-323

 

Bill C-323 includes the creation of:

·         a 20% tax credit on eligible costs for rehabilitation work done to designated historic places (commercial & owner-occupied residential); and

·         an accelerated Capital Cost Allowance (25%/50%/25%) for eligible capitalized costs incurred under the same conditions of the tax credit (commercial only).