From Preservation Action:
A new analysis from Novogradac of the National Park Service's Annual Report on the Economic Impact of the Historic Tax Credit, shows the continued value of the credit. The report estimates that the Historic Tax Credit (HTC) resulted in the creation of 129,000 jobs in fiscal year 2018, which is up from 107,000 jobs in fiscal year 2017. According to the National Park Service, the HTC has created 2.68 million jobs through the life of the program.
In addition to job creation, the report showed increases in the gross domestic product (GDP), income, economic output, and tax receipts for the communities that took advantage of the HTC. According to the report, in fiscal year 2018 historic rehabilitation expenditures resulted in $5.4 billion in income, $14.4 billion in output, $7.4 billion in GDP, and $2.0 billion in taxes.
More than just the economic impact, the report also shows the HTC frequently benefits smaller communities and the neediest communities. According to the report, more than a third of HTC projects were in communities with less than 100,000 people and 75% of projects were in economically distressed areas.
Overall the HTC continues to demonstrate a substantial economic benefit, all while preserving out historic resources and generating more in tax revenue than the cost of the program. Legislation currently in the House and Senate that would make several changes to improve and enhance the tax credit continues to gain steam. The Historic Tax Credit Growth and Opportunity Act (H.R 2825, S. 2615) would increase the credit from 20% to 30% on projects less than $3.75 million and eliminate the HTC basis adjustment requirements. Urge your members of congress to cosponsor the HTC-GO Act today!
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