Despite early indications that enhancements to the historic tax credit (HTC) would become part of the Build Back Better legislation, the version of the bill passed by the House of Representatives on November 19th, unfortunately, did not include these improvements. As the Senate begins its consideration of the Build Back Better legislation, longtime historic preservation champion and co-chair of the bipartisan Congressional Historic Preservation Caucus, Rep. Earl Blumenauer (D-OR), is urging HTC supporters to reach out to Congress to express support for the largest investment the federal government makes for historic preservation. Rep. Blumenauer, along with Rep. Darin LaHood (R-IL), co-authored the Historic Tax Credit Growth and Opportunity Act (H.R. 2294), which would make long-overdue updates to the HTC and already generated significant bipartisan support in the House of Representatives. As Rep. Blumenauer points out, now is a pivotal time to register your support for the HTC.

Transcript:

"Hello. I'm Congressman Earl Blumenauer, the co-chair of the Historic Preservation Caucus and author of the Historic Tax Credit Growth and Opportunity Act.

For decades, I've worked hand in glove with members of the historic preservation community to strengthen the Historic Tax Credit, especially after we successfully fought to save the credit from repeal in 2017 by my Republican colleagues.

We find ourselves today at the most consequential moment for historic preservation since its inception 45 years ago. My historic tax credit legislation is under consideration as part of the president's Build Back Better Act, a bold piece of legislation that reinvests in working families and the communities in which they live. The president's legislation has been subject to intense negotiation and revisions, leaving the expansion of the credit hanging in the balance, but I'm not giving up and you can't either.

There's perhaps no better example of public-private partnership than the Historic Tax Credit, which has attracted approximately $173 billion in private capital, created nearly 3 million jobs, and rehabilitated more than 45,000 buildings. And the credit is unique in that it actually returns more money to the government than it costs. It is a common sense and powerful way to connect communities with their heritage and with their future.

The weeks ahead are pivotal time for Historic Preservation and the livability of our communities. Let's get this job done together."