Is the Federal Historic Tax Credit at Risk? Possibly.

Please ask your U.S. Rep to defend the Historic Tax Credit and help make it better!

On June 24th, 2016, the Republican tax reform task force in the U.S. House of Representatives released a proposal for tax reform that could threaten the Federal Historic Tax Credit program, as the focus is to eliminate millions of dollars in tax credits and deductions.

“The Historic Tax Credit (HTC) is the most significant federal financial commitment to historic preservation.” According to the National Trust Community Investment Corporation (NTCIC), a subsidiary of the National Trust for Historic Preservation. “Over the last 36 years the credit has created 2.3 million jobs, leveraged $117 billion in investment, and rehabilitated more than 41,250 buildings — all while generating enough in federal taxes to pay for itself.” In Illinois, the HTC has generated over $2.3 billion in private development investment and helped create over 22,000 jobs.

Visit NTCIC’s website to learn how you can reach out to your U. S. Representative and discuss the importance of the HTC and why it should not be considered for elimination during tax reform efforts in 2017. Visiting your representative during summer recess (July 15-Sept 5) is an especially opportune time to discuss this issue and to give in-district examples of historic buildings that benefitted from rehabilitation with the assistance of the HTC

In addition, please urge your U.S. Representative and our U.S. Senators to sign-on to the Historic Tax Credit Improvement Act.

The Historic Tax Credit Improvement Act (HTCIA) suggests several needed reforms to help smaller budget projects use the HTC and with co-sponsorship, serves as an indicator by a member of their support for the HTC program. Both the House bill (H.R. 3846) and Senate bill have strong bi-partisan support. Help us reach out to our Illinois Congressional Delegation to sign-on! To coordinate efforts with Landmarks Illinois, call Lisa DiChiera, Director of Advocacy, at 312-922-1742.

Click here to see House HTCIA Co-Sponsors and here to view Senate HTCIA Co-sponsors.

(Photo: Franklin House, 208 State St., Alton, IL, before and after federal historic tax credit project. Photo Credit: IHPA.

 

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