From Preservation Action:
This week, Rep. Earl Blumenauer (D-OR), Rep. Darin LaHood (R-IL), Rep. Brian Higgins (D-NY), and Rep. Terri Sewell (D-AL) introduced a new version of the Historic Tax Credit Growth and Opportunity Act (HTC-GO) in the House. This bipartisan bill 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, but also includes temporary provisions aimed at bringing relief to historic rehabilitation projects impacted by the COVID-19 pandemic. These same provisions were included and passed in the House Infrastructure bill (H.R 2) during the last Congress and are needed now more than ever to help revitalize our communities and support our nation's economic recovery. A bill is expected to be introduced in the Senate soon.
The House HTC-GO bill 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
- 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 Representative and urge them to cosponsor the bipartisan Historic Tax Credit Growth and Opportunity Act introduced by Representatives Blumenauer and LaHood.
Preservation Action has made it easy for you take action. If you have a personal contact in your 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 Representative's office today! Be sure to share any responses you receive with Preservation Action at email@example.com
to help inform our advocacy efforts.
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