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.
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 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.
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.