Call to Action: Federal Historic Tax Credit

Federal Historic Tax Credit in Danger of Repeal in Tax Reform

The incoming Trump administration and Speaker Ryan have prioritized moving tax reform legislation in the first 100 days of the new Congress, likely including eliminating tax credits and deductions.

The HTC is the most significant federal financial commitment to 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 revenue to pay for itself.

Keeping the federal Historic Tax Credit is essential to a place like New Jersey.  Without it, we would loose the traction gained on complimentary state legislation that AIA–NJ has supported for several years – namely, the Historic Properties Reinvestment Act (HPRA).  HPRAwould piggyback on the HTC where commercial/income-earning projects are involved.  The vast majority of states in country (and all states that border NJ) already have credit programs like HPRA.  NJ’s substantial stock of older buildings cries out for this type of re-investment and the sensible growth it promotes.

Originally the RCA Victor Company’s Building 17, the Victor in Camden, NJ was made possible through the use of federal Historic Tax Credits about ten years ago

Contact your members of congress!

 
Call (during office hours) or email them!

Ask them to support the Historic Tax Credit as part of tax reform legislation that is expected to move through Congress. Explain the value of the HTC and ask your Members of Congress to express support to House Ways and Means Committee Chairman, Rep. Kevin Brady (R-TX), and other committee members.

Locate the name and address of your Representative here: http://www.house.gov/representatives/find/

Locate the names and addresses of your Senators here: http://www.senate.gov/general/contact_information/senators_cfm.cfm?OrderBy=state&Sort=ASC

This link (courtesy of Preservation Action) provides a Historic Tax Credit fact sheet with key points to share with legislators:

http://www.preservationaction.org/wp-content/uploads/2017/01/HTC-Factsheet-2017.pdf 

Thank you for doing your part to advocate for the HTC!