From Preservation Action:
Urge Your Senators and Representative to Cosponsor the Bipartisan Historic Tax Credit Growth and Opportunity Act Today!
The Historic Tax Credit Growth and Opportunity Act, H.R 2294, S. 2266 (HTC-GO) was introduced in the House by Rep. Earl Blumenauer (D-OR) and Rep. Darin LaHood (R-IL) and in the Senate by Sen. Ben Cardin(D-MD) and Sen. Bill Cassidy (R-LA). This bipartisan legislation includes many of the same changes to expand and enhance the Historic Tax Credit (HTC) included in the HTC-GO bill from the last Congress. The bills 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 bill is currently up to 59 cosponsors and the Senate bill has 3 cosponsors.
The Historic Tax Credit Growth and Opportunity Act includes the following provisions:
- A temporary increase of the Historic Tax Credit from 20% to 30% through 2024, phasing back down to 20% by 2027 (*House version only*)
- 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! Reach out to your members of Congress and urge them to cosponsor the bipartisan Historic Tax Credit Growth and Opportunity Act (H.R. 2294, S. 2266) introduced by Representatives Blumenauer and LaHood in the House and Senators Cardin and Cassidy in the Senate. In addition to co-sponsorship, advocates should also request inclusion of the HTC-GO provisions in emerging infrastructure legislation.
How to Take Action
Preservation Action has made it easy for you take action. If you have a personal contact in your Senators or Representative’s Washington D.C or District office, contact that person directly. If they do not handle tax issues, ask that they pass the message along to the appropriate tax staffer. You can also use our action campaign tool to easily edit and send a draft letter to your members of Congress office today! Please share any responses you receive with Preservation Action at firstname.lastname@example.org
to help inform our advocacy efforts. Also be sure to share this alert with your networks!
Urge Your Rep. to Cosponsor HTC-GO Today!
Urge Your Sens. to Cosponsor HTC-GO Today!
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author and not necessarily the opinion of the editors of PreservationDirectory.com.