Help Save Historic Tax Credits from Tax reform. The time to act is now!

Posted: July 19, 2013 by extremehistory in Uncategorized

historic tax credits

From Hist pres.com

Historic Tax Credits could be Eliminated during Tax Reform
By Preservation Action

Senate Finance Committee Chairman Max Baucus (D-MT) and Ranking Member Orrin Hatch (R-UT) have indicated they plan to begin efforts on tax reform and that they will start with a “blank slate” – this means that the Federal Rehabilitation Tax Credit (better known as the Historic Tax Credit) is threatened with elimination.

A letter from Sens. Baucus and Hatch asks each member of the Senate has been asked to submit the names of those tax credits (referred to in the tax code as “tax expenditures”) that they would like to see renewed based on the following criteria:
•Does it help the economy grow?
•Does it make the tax code more equitable?
•Does it effectively promote other important policy objectives?

We know the Historic Tax Credit to be an economic driver supporting private investment and creating good jobs. We know that the Tax Credit levels the playing field in terms of the cost to rehabilitate existing buildings versus the cost and incentives for new construction. We know that preservation projects revitalize neighborhoods, support local economies, and create lasting improvements.

In response to the the letter, Senators are preparing their lists of their priorities for tax reform. Due to the Committee by July 26, the time to reach out to your Senators is now.

The call to action is clear, please contact your Senators, especially those that serve on the Finance Committee, and use the following talking points to urge them to retain the Historic Tax Credit! We have provided the federal numbers, please include examples of successful tax credit projects in your state or district.

Talking points when contacting Senate offices:

The Historic Tax Credit Nets the Federal Government a Greater Amount than it Costs
The Historic Tax Credit represents a greater return than investment for the federal government; generating $25.9 billion in federal taxes (data from the National Park Service) while costing $20.5 billion (data from the IRS).

The Historic Tax Credit Generates Private Investment
Projects utilizing the Historic Tax Credit have generated over $66 million dollars of private investment into historic buildings and communities.

The Historic Tax Credit Creates Millions of Jobs
The Historic Tax Credit creates jobs – 2.4 million jobs to date, with an estimated 75% coming from within the project’s region, and the majority being better paid than those associated with new construction.

The Historic Tax Credit is Well-Utilized
Since 1977 the Historic Tax Credit has incentivized the rehabilitation of over 38,000 buildings across the country; over 1,000 projects have been approved by NPS in 2012.

We are Working to Make the Historic Tax Credit Even Better
The Creating American Prosperity through Preservation (CAPP) Act proposes strategic adjustments to the HTC that would enhance the credit’s economic and sustainability benefits.

Additional information to include in your communications about the power of the Historic Tax Credit can be found on our website: http://www.preservationaction.org/priorities/historic-tax-credits.

We are prepared to assist you in contacting your Senators. If you have any questions please contact or call Preservation Action staff at 202-637-7873 with your questions or comments.

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