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.
After months of nationwide advocacy focused on saving the Federal Historic Tax Credit, preservationists learned late Friday, December 15, 2017 that the federal historic tax credit was retained in the final iteration of the new tax bill.
President Trump signed the Tax Cuts and Jobs Act on December 22, 2017.
Over December 18 through 20, 2017 the House and Senate pass, exchange, reconcile and then adopt identical tax reform legislation that retains the federal historic preservation tax credit program with modifications.
On Wednesday, November 29, 2017 the Senate voted to begin debate on its tax bill.
On Tuesday, November 28, 2017, the Senate Budget Committee advanced the chamber’s GOP tax bill.
On November 16, 2017, 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 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.
Alongside many other organizations, Preservation Maryland worked tirelessly since tax reform began in earnest on a wide variety of advocacy activities aimed at saving the credit. To date, Preservation Maryland’s work has included:
Generating thousands of calls and emails to congressional offices in support of the program via our online advocacy platforms.
HOW YOU CAN HELP
All of our advocacy activity came at a big cost — and our Advocacy Action Fund has been tapped to make this extraordinary effort possible. Supporters of this work are encouraged to make a donation today.
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.