Tax reform is moving fast in both the House and Senate and advocates for historic preservation need to weigh in! The most significant federal investment in preservation, the historic tax credit (HTC), is at stake.
Despite vigorous advocacy by Republicans and Democrats in both chambers, the historic tax credit was not incorporated into the House tax reform bill during the mark-up process. On the Senate side, the Finance Committee acted last night to retain the HTC but reduced it from 20 percent to 10 percent of qualifying rehabilitation expenditures and eliminated entirely the 10 percent credit for non-historic buildings built before 1936.
This means we need to redouble our efforts to spread the message that the historic tax credit is a program we cannot afford to lose—or weaken. Next week, the House intends to take their bill to the floor for a full vote, while the Finance Committee hopes to mark up its version and get it ready for floor action. We must not miss an opportunity to encourage the full retention of the historic tax credit. Now is our chance. Let’s get to work.
Join us in calling your members of Congress with the message that the historic tax credit should be restored to its existing, undiminished levels in a reformed tax code.
As reported this week in newspapers and journals and expressed by advocates like you in all corners of the country, this longstanding preservation incentive works. It serves to revitalize our heritage and stimulate our local economies, while preserving our heritage. Let’s keep the drumbeat going!