Tagged as Historic Tax Credit

As tax reform moves forward and the future of the federal Historic Tax Credit remains uncertain, Donovan Rypkema of PlaceEconomics discusses why preserving historic places makes good economic sense and the value that the credit adds to community revitalization across the country.

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The City of Baltimore and the City of Cambridge, Maryland both recently adopted resolutions calling on Congress to save the critically important federal Historic Tax Credit.

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On Tuesday, December 5, 2017 at 7pm EST, Preservation Maryland hosted a free Telephone Town Hall to discuss the current threats facing the federal Historic Tax Credit program.

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Tagged In: Historic Tax Credit,

11/20/2017
By Meagan Baco

Preserve the Federal Historic Tax Credit

As the federal tax reform effort moves forward, the future of the historic tax credit program hangs in the balance. Not only that, but the process is moving at break-neck speed.

Here’s where the fight for the credit now stands:

  • On Thursday, November 9, 2017, the Senate released their tax reform bill. Their plan would retain the federal historic tax credit, but reduce it to 10% from the current 20%, effectively decimating the effectiveness of the program.
  • In response to the Senate bill, Senator Bill Cassidy (R-LA) introduced an amendment which passed that would retain the credit in its entirety, but shift it to a credit that is distributed over a 5 year period instead of the current one-time payment.
  • On November 16, 2017, Maryland Senator Ben Cardin (D-MD) introduced his own amendment to to restore the historic tax credit among others, and used materials and photos provided by Preservation Maryland to make his case before the committee.
  • On Thursday, November 16, 2017, the House passed their tax reform bill on a 227-205 vote. The bill received no support from Democrats and 13 Republicans voted against.
  • The House bill which passed included a full repeal of the historic tax credit despite the efforts of Rep. David McKinley (R-WV), Rep. Rod Blum (R-IA) and many other federal legislators.
  • On Tuesday, November 28, 2017, the Senate Budget Committee advanced the chamber’s GOP tax bill.
  • On Wednesday, November 29 the Senate voted to begin debate on its tax bill.
  • The Senate bill passed on December 2, 2017.

FUTURE OF THE FIGHT FOR PRESERVATION

While the House has passed their bill, the future of tax reform remains extremely uncertain. The Senate plan and path forward remains unclear and open to amendments and major shifts. If, or when, the Senate passes their bill, that bill and the House bill would next head to a conference committee to resolve the vast differences.

HOW YOU CAN HELP

The preservation community must remain engaged and to continue to call on their elected officials to protect the credit from repeal! These efforts will be extremely important once the bill heads to conference and members of the House and Senate have an opportunity to impact the credit.

CONTACT YOUR REPRESENTATIVES

 

TELEPHONE TOWN HALL

We just wrapped a national Telephone Town Hall to discussing the latest developments in tax reform and how they affect the federal historic tax credit program. If you missed it, you can listen to the recording on YouTube.

LISTEn TO THE RECORDING

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