In 1981, President Ronald Reagan significantly expanded an innovative program to draw investment to the rehabilitation of older properties, now known as the federal historic tax credit. He was so impressed with the program’s success that he made it a permanent part of the tax code in 1986.
Since that time, the federal historic tax credit has played a critical role in revitalizing small towns and cities, creating jobs, and increasing economic activity, all while returning more tax revenue to the Treasury than it costs.
In Kansas City, for example, a former train station power house building is now the stunning home of the city’s ballet company. In Baltimore, a long-shuttered brewery was transformed into a social services organization that helps area residents get back on their feet. In Butte, Montana, a grocery store has brought new life to what was a vacant department store.
Listen to what makes the program so powerful in Reagan’s own words, and then take a minute to urge your lawmaker to continue this important legacy and keep the tax credit in any reform of the tax code.
Republican lawmakers are close to finalizing tax reform legislation, but an outline meant to guide the legislative process failed to retain the historic tax credit. Please help us ensure that today’s tax writers appreciate the value of the federal historic tax credit to the future of our country—that it helps preserve and enhances the treasures of our past, while promoting economic growth and a higher quality of life for all.