Today the House Ways and Means Committee released a proposed tax reform bill that eliminates the federal historic tax credit (HTC) as part of a sweeping effort to both pay for tax cuts and simplify the tax code.
While not unexpected, this policy proposal deals a significant blow to historic preservation. The HTC has a four-decade track record of success in saving our nation's historic buildings, creating over 2.4 million jobs, and actually generating revenue for the U.S. Treasury, returning $1.20 for every taxpayer dollar spent.
President Ronald Reagan praised the HTC as "economic good sense" by significantly leveraging private sector investment. Developers have completed over 42,000 challenging historic rehabilitation projects using the HTC. Without this powerful incentive, historic rehabilitation across the nation will halt, as will significant reinvestment in our communities.
Introduction of the House tax reform bill represents the beginning of a difficult legislative process. We will continue to advocate vigorously in support of this vital preservation tool to ensure a critical redevelopment incentive is preserved in the final tax reform bill—but we cannot do it without you.
Please use our sample message to contact your member of Congress NOW to help save the historic tax credit.