From Preservation Action:
Senate Republicans recently released their version of relief and recovery legislation for the next round of legislation responding to the COVID-19 pandemic. The Senate bill is more limited in scope, focusing on relief efforts tied directly to the pandemic and liability protection. House Democrats laid out their plans for relief legislation with the HEROES Act and incorporated several provisions aimed at economic recovery in their infrastructure package, the Moving Forward Act (H.R 2). Included in the House infrastructure package were multiple changes from the Historic Tax Credit Growth and Opportunity Act (S.2615/H.R 2825) to enhance the Historic Tax Credit (HTC) and temporary provisions aimed specifically at addressing the challenges that rehabilitation projects are facing during the pandemic. The House Infrastructure package includes the following enhancements to the HTC:
- A temporary increase of the Historic Tax Credit from 20% to 30% for 5 years.
- Establishes a permanent 30% Historic Tax Credit for projects $2.5 million and less
- Eliminates the HTC Basis Adjustment, bringing more value to HTCs
- Reduces the Historic Rehab Test to 50% of a building's basis instead of 100%
- Makes the credit easier to use by non-profits
- A provision for communities to rehabilitate existing public schools using the HTC
- Temporary extension of period for completing rehabilitation
Reach out to your Senators and urge them to include these much-needed Historic Tax Credit provisions in the next COVID-19 relief and recovery bill. Urgent action is needed. Congressional leaders hope to pass the next round of COVID-19 relief legislation by early August. Lawmakers need to hear from the historic preservation community. As Congress looks for ways stimulate the economy and assist struggling communities, historic preservation can and should play an important role. Let your Senators know how the proposed provisions to strengthen the Historic Tax Credit would benefit your community. The Senate is scheduled to adjourn for the August recess on Aug. 7th, reach out to your Senators today!
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