PreservationDirectory.com
PreservationDirectory.com
 
home
preservation events & conferences
press releases & job postings
› main menu
› article guidelines
› submit an article
grants & funding sources
heritage marketing services
preservation library:
articles, regulations & policy
preservation organizations
& resources
museums & historic structures
historic real estate
preservation businesses,
products & services
historic lodging:
inns, b&b's, hotels
historic tours
preservation general resources
historic photo galleries
preservation bookstore
frequently asked questions
about us
join email list
contact us
site map


member login

Featured
Property For Sale
View more information about this historic property for sale in Christiansburg, Virginia

Yellow Sulphur Springs Historic Resort

Christiansburg, VA
PreservationDirectory.com
30 Bromley Road
Pittsford, NY 14534
Phone: (503) 308-0500

Email Us!





ArchiveInABox

Bellmont College

WindowSlip.com

Mad Dog Primer



PreservationDirectory.com

General Interest & Miscellaneous News     


General Interest & Miscellaneous News
Back to Press Releases Print   Submit an Article
Reports Show Continued Success of the Federal Historic Tax Credit
Historic Preservation Blog from PreservationDirectory.com -
Contributed By: Preservation Action
Website: https://www.nps.gov/orgs/1739/news.htm

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 2023, which shows the continued success of the HTC program. In 2023 the Historic Tax Credit leveraged $8.18 billion in private investment in historic preservation and issued nearly 1,000 certifications of completed work (part 3). The report highlights both big and small projects benefitted from the HTC, noting that 46% of all projects were less than $1 million. Since inception, the HTC has completed 49,262 projects, created more than 356,000 new housing units, and generated $131.71 billion in estimated rehabilitation investment. The report shows that HTC activity increased from 2022 to 2023, with a 13% increase in completed projects and 34% increase in private 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 2022" which shows the continued economic impact from the HTC. According to the report, the HTC contributed $13.7 billion in economic output, added $7 billion in GDP, and created approximately 122,000 jobs in fiscal year 2022. The report also highlights the significant economic impact the HTC has in smaller communities and underserved communities. According to the report, 29% of HTC projects were in communities with less than 50,000 people, 50% of projects were located in low and moderate income areas, and 78% of projects were in economically distressed areas.

Since inception, the HTC has contributed $503.8 billion in economic output and created more than 3.2 million jobs. Additionally, the HTC has costs the U.S. Treasury approximately $44.3 billion since 1976, while generating $50.3 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.

Learn More: https://www.nps.gov/orgs/1739/news.htm

 


Posted: March 18, 2024
Back to Press Releases Print   Submit an Article


Unless noted, the thoughts and opinions expressed in the article are solely that of the
author and not necessarily the opinion of the editors of PreservationDirectory.com.
   



PreservationDirectory.com | preservation events & conferences | press releases & job postings | organizations & resources
museums & historic structures | historic real estate | preservation businesses, products & services | historic lodging
historic tours | preservation general resources | historic photo galleries | preservation bookstore | preservation library
frequently asked questions | about us | join email list | heritage marketing services | contact us | site map

© Copyright 2024 - PreservationDirectory.com | website by Stolutions