• National Park Service Releases Annual HTC Economic Report

    November 25, 2020

    The National Trust was pleased to again collaborate with the National Park Service in preparing the Annual Report on the Economic Impact of the Federal Historic Tax Credit for Fiscal Year 2019 in partnership with the Rutgers Edward J. Bloustein School of Planning and Public Policy.

    Released on November 9, the report documents the historic tax credit’s (HTC) ongoing positive impact for community reinvestment across the nation after more than four decades of use. According to the report, “the HTC has rehabilitated more than 45,000 historic properties, generated more than $188 billion in GDP and created 2.8 million jobs” since the incentive was put in place in 1978. Cumulatively, the HTC has generated more in tax receipts than the cost of the program, generating $38.1 billion in tax receipts compared to $32.9 billion in credits allocated.

    Acting Director of the National Park Service, Margaret Everson, stated, “This is an incredible example of a federal/state partnership that continues to drive investments in historic preservation and revitalize communities across the country.”

    The report demonstrates the broad scope of the 1,013 different property types that benefited from the HTC in FY 2019, including abandoned and underutilized school buildings, warehouses, factories, churches, retail stores, apartments, hotels, houses, agricultural buildings, offices, and other structures across the country. Other benefits of HTC investment include job creation, affordable housing creation, small business incubation, as well as Main Street and rural redevelopment.

    In addition, the report documents that nearly half of all certified rehabilitation projects were located in low- and moderate-income areas and three-quarters of all projects were in economically distressed areas. The HTC also benefited smaller rehabilitations with 50% of all projects costing less than $1 million in qualified rehabilitation expenses (QREs) and 17% were under $250,000.

    HTC investment was instrumental in smaller and rural communities with 25% of all certified rehabilitation projects being located in communities with a population under 50,000 people and 16% in communities with a population under 25,000 people.

    Fiscal Year 2019 Highlights of the Historic Tax Credit

    • Rehabilitated new or existing housing units: 16,280
    • Low- and moderate-income housing units: 6,206
    • Total estimated rehabilitation investment (Qualified Rehabilitation Expenditures): $5.77 billion
    • Historic rehabilitation projects certified: 1,013
    • Estimated total jobs created: 109,000
    • Output (Goods and Services): $12.1 billion
    • Gross domestic product: $6.2 billion
    • Income created: $4.6 billion
  • Key Opportunity to Strengthen the Federal Historic Tax Credit!

    June 24, 2020

    The historic tax credit (HTC) has a proven track record of kickstarting job creation and attracting private investment, while preserving tangible links to our past.

    As Congress considers its ongoing response to the coronavirus pandemic and the need to stimulate economic activity, legislators must hear from the preservation community that the HTC is a proven economic recovery tool that should be strengthened and incorporated into legislation designed to revitalize our nation’s struggling communities.

    On June 22nd, the House of Representatives released text of H.R. 2, the Moving Forward Act, a comprehensive proposal designed to rebuild and invest in our nation’s infrastructure. The proposal incorporates community development provisions that support infrastructure financing, including several provisions that strengthen the historic tax credit (HTC).

    The legislation would increase the HTC from 20 percent to 30 percent for all projects from 2020 through 2024, before gradually transitioning back to 20 percent by 2027. The House infrastructure bill also incorporates many of the provisions in the Historic Tax Credit Growth and Opportunity Act (H.R. 2825), including a permanent increase for smaller HTC projects to 30 percent, changes that will make it easier to satisfy the substantial rehabilitation test, elimination of the requirement that HTCs must be deducted from a building’s basis, and provisions that will make it easier for community development organizations and nonprofits to participate in the redevelopment process.

    H.R. 2 would also extend deadlines to qualify for HTCs for projects already underway but delayed as a result of the pandemic. Finally, H.R. 2 would modify the definition of a qualified rehabilitation expense to enable rehabilitation of historic public schools. H.R. 2 proposes significantly strengthening the HTC and if enacted would bolster community revitalization and job creation efforts, better promote affordable housing in historic buildings, and create long overdue efficiencies to the program.

    Join the National Trust for Historic Preservation in thanking your Representative for including HTC provisions in H.R. 2, and urge your Senators to similarly strengthen the Historic Tax Credit in a Senate infrastructure package or economic relief legislation.

  • Senate Introduction of Historic Tax Credit Growth & Opportunity Act (S. 2615)

    October 17, 2019

    Members of the Senate have just introduced legislation that will enhance the value of the federal HTC and help ensure that historic rehabilitation continues unabated after changes were made to the program in the Tax Cuts and Jobs Act of 2017.

    Please join us in urging your senators to co-sponsor the Historic Tax Credit Growth & Opportunity Act [S.2615],a bill that would make the credit even more impactful—particularly for smaller projects typically found in historic Main Street districts and more rural areas.

  • National Trust continues to support the Historic Tax Credit Growth and Opportunity Act

    June 26, 2019

    The National Trust continues to support the Historic Tax Credit Growth and Opportunity Act (H.R. 2825) (“HTC-GO Act”), which was introduced in the House last month. The bipartisan bill now has more than 20 cosponsors, of which five are original. Our HTC champions are expected to introduce companion legislation in the Senate in the weeks ahead. Please encourage your House member to cosponsor the HTC-GO Act today!

All 4 updates

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