In October of 2019 a bill to improve and extend the Federal historic tax credit to smaller projects has been introduced in the U. S. House of Representatives and in the Senate. Preservation Action is calling for the public to contact their elected officials to urge passage of the Historic Tax Credit Growth and Opportunity Act (S. 2615, H.R 2825). The House version of the HTC-GO Act and 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 eliminate the tax credit basis adjustment, which decreases the value of the HTC. This change would make 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. Additionally, the bill would increase the credit from 20% to 30% for projects under $2.5 million. This would make the credit more appealing and improve access for smaller projects. The House version of the bill is up to 50 cosponsors. For more information see the Preservation Action page at this link.
Historic Rehabilitation Tax Credits are a powerful, proven method of advancing preservation projects. Please help us extend the benefits of the historic tax credits by contacting your representatives.