Representative McKinley (R-WV) on June 8 introduced the “Preserving America’s Downtowns and Heritage Act of 2012″ (HR 5930) which would amend Section 47(a) of the Internal Revenue Code of 1986 to boost rates for the historic rehabilitation tax credit (HTC) and the non-certified historic rehab tax credits for buildings placed in service prior to 1936. The bill would increase the HTC from 20 percent to 25 percent for historic commercial structures, and from 10 percent to 12.5 percent for non-historic certified commercial (non-residential) structures. H.R. 5930 would also create a 20 percent credit for rehabilitation of qualified historic principal residences. The bill is cosponsored by Rep. Andre Carson (D-IN), Rep. Michael G. Grimm (R-NY), and Rep. Dale E. Kildee (D-MI) and has been referred to the House Committee on Ways and Means for consideration.