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Preservation Action Submits Comments to House Hearing in Support of Historic Tax Credit
Historic Preservation Blog from PreservationDirectory.com -
Contributed By: Preservation Action
Website: https://preservationaction.org/wp-content/uploads/2024/04/Ways-and-Means-Tax-Relief-Hearing-Preservation-Action-Statement.pdf

From Preservation Action:

This week Preservation Action submitted comments in support of efforts to improve and modernize the Historic Tax Credit (HTC) to the House Ways and Means Committee in response to a recent hearing on "Expanding on the Success of the 2017 Tax Relief to Help Hardworking Americans". The hearing looked at the Tax Cuts and Jobs Act of 2017 and discussed the path forward for tax policy in 2025. The 2017 tax reform bill retained the Historic Tax Credit after nearly being eliminated, but altered the program, requiring the credit to be taken over 5 years. Several provisions from the 2017 Tax Cuts and Jobs Act are set to expire in 2025, setting up the potential of a large tax bill next year. Preservation Action used this opportunity to remind committee members of the extraordinary impact of the HTC across the country, the challenges historic rehabilitation projects are facing, and the need to improve and modernize the credit. 

In our comments we highlight the HTC's record of being a catalyst for community revitalization, economic development and job creation. Since inception the credit has rehabilitated over 49,000 properties, leveraged more than $235 billion in private investment, and generated over 3.2 million jobs. Despite the program's success, historic rehabilitation projects are facing significant challenges. Due to legislative changes, unfavorable IRS guidance, and inflation, the HTC has lost nearly 25% of its value over the last 10 years. 

Given these challenges, our letter urges the committee to support provisions included in the Historic Tax Credit Growth and Opportunity Act (H.R. 1785, S.639) that would help restore lost value, improve access to the credit, and increase the value for smaller rehabilitation projects, as part of any future tax reform efforts. Read out full comments to learn more (click link below)!

You can also join us by urging your members of Congress to support the HTC-GO Act TODAY! Check out our Action Alert to learn more and take action!

Preservation Action Tax Reform Comments: https://preservationaction.org/wp-content/uploads/2024/04/Ways-and-Means-Tax-Relief-Hearing-Preservation-Action-Statement.pdf

 


Posted: April 28, 2024
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