The U.S. House of Representatives introduced a tax reform bill today (H.R. 1) that would eliminate the federal Historic Tax Credit program (HTC). The following is a statement from Stephanie K. Meeks, president and CEO of the National Trust for Historic Preservation:

“More than 30 years ago, former President Ronald Reagan spoke eloquently about the historic tax credit program he signed into law to preserve America’s historic buildings, calling it ‘economic good sense’. Today, led by Reagan’s own party, Congress introduced a tax reform bill that would halt this proven program despite its remarkable track record of success.

“By spurring public-private investment in the reuse of old and historic buildings, the federal Historic Tax Credit fuels the economic engine that is currently revitalizing downtowns, neighborhoods, and Main Streets across America. Getting rid of it now threatens the economic revival that is evident in America’s cities and towns. Any plan to revise the tax code should enhance, not abolish, a pro-growth investment like HTC.”

BACKGROUND ON THE HISTORIC TAX CREDIT

For more than three decades, the federal Historic Tax Credit (HTC) has successfully implemented a national policy of preserving our historic resources. It is the most significant investment the federal government makes toward the preservation of our historic buildings. Since 1981, the credit has leveraged more than $131 billion in private investment, created more than 2.4 million jobs, and preserved more than 42,000 historic buildings that form the fabric of our nation. Watch this short video of President Reagan’s own words here: https://youtu.be/-kJAIopuPyI