Detroit Free Press:  Historic Preservation Tax Credit Rules to be Reviewed:

U.S. Interior Secretary Ken Salazar said in Detroit Friday that he
has ordered a review of rules governing the use of historic preservation
tax credits with a view to making the credits easier to use in cities
like Detroit. He made the remarks following a tour of several
historic preservation projects accompanied by U.S. Sen. Carl Levin,
D-Mich., and Quicken Loans founder and chairman Dan Gilbert.

The
U.S. government allows developers of historic properties to take a 20%
tax credit of their project costs. The goal is to encourage more
preservation of historic architecture. Salazar said that over the years
the historic tax credit has been used to renovate 39,000 historic
buildings in the U.S., involving $66 billion in private investment and
helping create more than 2.2 million jobs. …

[D]evelopers have long complained that the historic tax credit is
difficult to use for a variety of reasons. Salazar acknowledged as much,
saying the review he ordered would be completed by March 1.

(Hat Tip: Mike Talbert.)