On Friday, December 15, House and Senate conference committee members reached agreement on the details of major tax legislation that will now proceed to a final vote in both chambers next week. The agreed-upon version keeps the historic tax credit at 20 percent but requires that the credit be taken over five years instead of all at once. The legislation repeals the 10 percent rehabilitation tax credit for non-historic buildings.
Inclusion of the historic tax credit in the most significant tax legislation to move through Congress in more than three decades is an exceptional reaffirmation that rehabilitation of historic buildings is sound federal policy and good for the nation. While several steps remain before the Tax Cuts and Jobs Act (H.R. 1) becomes law, please take a moment to reflect on what a significant accomplishment retention of the historic tax credit is for the preservation movement and for the betterment of our communities.
Thank you to the many preservationists, practitioners, and stakeholders who worked countless hours to ensure this critical preservation tool remains a pillar of federal historic preservation policy.