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URGENT! Save Federal Historic Tax Credit

House Committee Passes Tax Bill with HTC Eliminated; Senate Restores HTC In Its Version  11.17.17 At the end of the Senate’s tax...

House Committee Passes Tax Bill with HTC Eliminated; Senate Restores HTC In Its Version 

11.17.17 At the end of the Senate’s tax reform bill mark-up, Chairman Hatch (R-UT) combined a handful of amendments into one Manager’s Amendment. Included in this Manager’s Amendment package was the Cassidy amendment, a provision to restore the Historic Tax Credit to 20% while being earned over a 5-year period.  The text of the amendment is as follows:

The amendment provides: (1) a 20 percent credit for qualified rehabilitation expenditures with respect to a certified historic structure; and (2) that the 20 percent credit be claimed ratably over a five-year period beginning in the taxable year in which a qualified rehabilitated structure is placed in service.  

The Finance Committee approved the Manager’s Amendment on a party line vote, 14-12, and passed the bill out of committee on a party line vote, 14-12. Senator Rob Portman spoke in support of the HTC. 

Thank you for contacting your representatives to advocate for the HTC. Please thank  and encourage »Senator Rob Portman and Representative Pat Tiberi for their continued support.  

 The HTC has been one of the leading drivers of the revitalization across America and right here in central Ohio where more than 500 buildings/units have been rehabilitated utilizing the HTC, including the recent LeVeque tower renovation.

We need your help to let Congress know that this tool encourages private investment in the rehabilitation of historic buildings and returns more to the Treasury than it costs.  

Since it was permanently written into the tax code in 1978, the FHTC has leveraged $131 billion in private investment, created more than 2.4 million jobs and adapted 42,293 buildings for productive uses through 2016.  To ice the cake, in Ohio, the State Historic Tax Credit program generates a return of $6.20! 

 Without the Historic Tax Credit, preservation of historic buildings will stall, curtailing revitilization and economic vitality in Columbus! 

»READ Columbus Dispatch Editorial

 

 

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