The effort to preserve the historic tax credit took a critical step forward in the U.S. Senate Finance Committee last night as tax legislation continues to advance through Congress. Sen. Bill Cassidy (R-LA) succeeded in increasing the historic tax credit back to 20 percent from the 10 percent level in the initial Senate proposal when the Finance Committee included his pro-growth amendment in the legislation it approved.
“The National Trust for Historic Preservation joins our Louisiana partners and advocates nationwide in thanking Senator Cassidy for his leadership on this critical amendment. While we are encouraged by this progress in the Senate, we are deeply disappointed that tax legislation approved by the House on Thursday would repeal the federal Historic Tax Credit and its community revitalizing impacts. For nearly 30 years, the credit has proven its remarkable track record of success and has even been called ‘economic good sense’ by former President Ronald Reagan," said Stephanie K. Meeks, president and CEO of the National Trust for Historic Preservation.
The legislative process is not over, however, and preservationists must continue their outreach to Congress to ensure the best possible outcome for the historic tax credit. The Finance Committee's tax reform bill heads to the Senate floor after the Thanksgiving holiday where opportunities exist to improve the HTC provisions further.