Federal Legislative Issues

Tax Reform Bill Retains Federal Historic Tax Credit

After months of federal tax reform discussions and an elimination threat to the Federal Historic Tax Credit, the current tax reform bill, HR. 1 – Tax Cuts and Jobs Act, retains the 20% FHTC with provisions that require it be claimed over a 5-year period. This changes the current roll-out period of the credit, which could have been claimed in a single year. The tax reform bill does, however, eliminate the 10% pre-1936, non-historic “old building” credit. Despite the change in the delivery of the 20% credit and the elimination of the 10% credit, preservationists view this as a huge victory for a vital program that was proposed for full elimination.

The House & Senate have both approved the tax reform legislation, and it is expected to be signed into law by President Trump by the end of the year. Landmarks Illinois thanks all it supporters, board members and advocates for voicing their support for the FHTC, a vital historic preservation incentive for Illinois.

Additional resources:

Federal Historic Tax Credit Projects

The Woodstock Theater is just one example of a historic preservation project in Illinois that used the Federal Historic Tax Credit to restore a historically significant space.

You can view more FHTC projects in Illinois between 2004 and 2014 here.

Before Restoration

Prior to restoration, the historic character of the Woodstock Theater was hidden from view. (2011)

After Restoration

Restoration efforts at the Woodstock Theater brought back much of the building's historic character. (2014)

Historic Photo

A historic picture of the Woodstock Theater shows the building's original character and historic charm.

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