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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
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