From Preservation Action:
The Historic Tax Credit Growth and Opportunity Act, S. 2266, (HTC-GO) was introduced in the Senate last week by Sen. Ben Cardin (D-MD), Sen. Bill Cassidy (R-LA), Sen. Maria Cantwell (D-WA), and Sen. Susan Collins (R-ME). Like the House version (H.R. 2294), this bill includes several critical changes to the Historic Tax Credit aimed at expanding and enhancing the credit. The bill would bring more value to Historic Tax Credit projects, improve access, and encourage investment in smaller rehabilitation projects. The Senate version, however, does not include the temporary increase in the HTC from 20% to 30% to address pandemic related challenges, included in the House bill. This provision will likely be addressed in a separate bill in the Senate. The House version of the bill is currently up to 56 cosponsors. The Senate HTC-GO bill includes the following key provisions:
- Establishes a permanent 30% Historic Tax Credit for projects $2.5 million and less, making it easier to complete small projects
- Eliminates the HTC Basis Adjustment, bringing more value to HTCs and making it easier to pair with the Low-Income Housing Tax Credit
- Reduces the substantial rehabilitation threshold, making more buildings eligible to use the HTC
- Makes the credit easier to use by non-profits
We need your help! These provisions were included in the House passed infrastructure bill, H.R. 2, last year. Now, with significant progress being made on a large infrastructure package in the current Congress, it is critical that we demonstrate strong support for the HTC-GO. Reach out to your Senators and urge them to cosponsor the bipartisan Historic Tax Credit Growth and Opportunity Act (S. 2266) introduced by Sen. Cardin and Sen. Cassidy TODAY! In addition to co-sponsorship, advocates should also request inclusion of the HTC-GO provisions in future infrastructure legislation. Preservation Action has made it easy for you to take action. Use our action campaign tool to easily edit and send a letter to your Senators today! If you haven't already, be sure to reach out to your Representative as well!
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