From Preservation Action:
This week, Senator Bill Cassidy(R-LA), Ben Cardin (D-MD), Susan Collins (R-ME), and Maria Cantwell (D-WA) introduced the Senate version of the Historic Tax Credit Growth and Opportunity Act (HTC-GO, S. 2615). Similar to the House version (H.R 2825) of the HTC-GO Act, the Senate legislation would bring more value to Historic Tax Credit projects, improve access to the credit, and encourage investment in smaller rehabilitation projects.
The HTC Growth and Opportunity Act would increase the credit from 20% to 30% for rehabilitation projects under $2.5 million. This would make the credit more appealing for investment and improve access for smaller projects. Additionally, the bill would eliminate the tax credit basis adjustment requirement, which would increase the value of the credit. This change would bring the HTC more in line with the other tax credit programs and help restore some of the value lost by changes made during tax reform.
The HTC-GO Act was referred to the Finance Committee in the Senate. The House version of the bill is awaiting action in the House Ways and Means Committee and is up to 50 cosponsors. There could be opportunities for provisions from the bill to be included as part of a year-end funding deal, but we need your help. It is critical that we demonstrate strong/bipartisan support for the HTC-GO.
Urge your Senators to cosponsor the Historic Tax Credit Growth and Opportunity Act (S. 2615) today! If you have a personal contact in your Senator's Washington D.C or District office, contact that person directly. Ask them to cosponsor the Historic Tax Credit Growth and Opportunity Act, S. 2615, introduced by Senators Cassidy, Cardin, Collins and Cantwell. Or you can call the Capitol Switchboard at 202-225-3121 and ask to be connected to your Senator's DC office.
You can also check out and share this easy to use tool from the National Trust for Historic Preservation to ask your Senators to cosponsor HTC-GO today!
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