From Preservation Action:
In September, the Historic Tax Credit (HTC) Coalition released a report titled Historic Preservation and the Federal Historic Tax Credit- Addressing Challenges in the 21st Century. The report looks back over the history and success of the HTC, notes the many challenges the industry is facing, and highlights a number of recommendations in ways in which the HTC could be improved and modernized. The report included a foreword from Rep. Darin LaHood(R-IL) and Rep. Earl Blumenauer (D-OR) that discusses the impact of the HTC in communities across the country and encourages support for the Historic Tax Credit Growth and Opportunity Act (H.R. 1785, S. 639) to improve the credit and address many of the challenges laid out in the report.
The report provides an important prospective from users of the credit. It underscores the growing difficulties faced by the industry, from how the credit is administered, legislative changes, provisions in the Internal Revenue code, and recent marketplace challenges. Among the recommendations made in the report is the need for more regulatory guidance and greater flexibility in the Secretary of the Interior's Standards.
Check out the complete report to learn more!
Click Here to Learn More
Posted: November 19, 2023
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.