After nearly forty years of demonstrated success, the federal Historic Tax Credit (HTC) was eliminated in the tax reform bill recently passed by the House of Representatives. The Senate-passed version of the bill includes a restored 20 percent historic tax credit (HTC) payable over five years. We need you to contact Congress NOW in support of the HTC!
According to the National Trust for Historic Preservation, “the HTC is a widely used redevelopment tool for abandoned and underutilized properties, from inner cities to small towns across the country. Since 1978, the credit has leveraged more than $131 billion in private investment, created more than 2.4 million jobs, and preserved more than 42,000 buildings that form the historic fabric of our nation.”
The legislative process is not over, as a House-Senate conference committee will need to reconcile the differences between the tax bills passed by each chamber. There is tremendous pressure on the Republican leadership in Congress to get the final bill passed before Christmas. We expect House-Senate conferees will be selected quickly and negotiations over the final conference report will be on a fast track.
Our colleagues at the National Trust have an online advocacy center where you can learn more about the issue and send messages to your Members of Congress in support of the Historic Tax Credit.
Further details about how the tax credit works can be found on the National Park Service’s website.