Two recently released reports highlight the success of the federal Historic Tax Credit (HTC) and the continued economic impact.

The National Park Service released the Federal Tax Incentives for Rehabilitating Historic Buildings Annual Report for FY 2024, which shows the continued success of the HTC program. In 2023 the Historic Tax Credit leveraged $6.15 billion in private investment in historic preservation and issued 853 certifications of completed work (part 3). The report estimates that about 15% of projects involve properties not already listed on the National Register. The report highlights both big and small projects benefitted from the HTC, noting that 44% of all projects were less than $1 million. Since inception, the HTC has completed 50,116 projects, created more than 365,000 new housing units, and generated $127.12 billion in estimated rehabilitation investment.

In partnership with Rutgers University's Center for Urban Policy Research, the National Park Service also released the "Annual Report on the Economic Impact of the Federal Historic Tax Credits for Fiscal Year 2023" which shows the continued economic impact from the HTC. According to the report, the HTC contributed $18.5 billion in economic output, added $9.4 billion in GDP, and created approximately 162,000 jobs in fiscal year 2023. Since inception, the HTC has contributed $532.1 billion in economic output and created more than 3.3 million jobs. Additionally, the HTC has costs the U.S. Treasury approximately $47 billion since 1976, while generating $52.9 billion in federal tax receipts. 

Overall the HTC continues to demonstrate a substantial economic benefit, all while preserving our historic resources and generating more in tax revenue than the cost of the program.

Take Action

While the reports show the success of the HTC, the credit is facing ongoing challenges and needs to be strengthened and modernized. As Congress continue work on tax legislation, join us in urging lawmakers to include much-needed provisions of the HTC-GO Act (H.R. 2941, S.1459) in the final bill. Learn more and take action today!

Take Action: https://preservationaction.org/htc-go-alert/