The Creating American Prosperity through Preservation Act of 2012 is a proposed bill which would expand the rehabilitation tax credit.  The Act would increase the Historic Tax Credit from 20 percent to 30 percent of qualified rehabilitation expenditures for smaller projects that cost less than $7.5 million. The Act would also provide additional tax credits for including energy efficiencies in redevelopment projects and would allow for any state historic tax proceeds to be exempt from federal tax.  Energy-efficiency is promoted by increasing the amount of the credit by 2 percentage points for every project that increases the building’s energy efficiency by 30 percent.  And while historically the historic tax credit’s tax exempt leasing rules make it difficult for nonprofits to access the historic tax credit, the Act would permit nonprofits greater access to the rehabilitation credit.