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The Historic Tax Credit Growth and Opportunity (HTC-GO) Act is starting its trek through the halls of Congress. Following introduction by Sen. Bill Cassidy (R-LA), S. 1459 heads to the Senate Finance Committee for discussion. Rep. Darin LaHood (R-IL) introduced the companion bill, H.R. 2941, in the House of Representatives late last week, which will be heard by the Ways and Means Committee. As in past years, these are bi-partisan efforts. Cosponsors include Sens. Maria Cantwell (D-WA), Susan Collins (R-ME), and Mark Warner (D-VA) and Rep. Tom Suozzi (D-NY).
It has been nearly 40 years since the HTC program last saw significant revisions. The changes proposed by HTC-GO will make the credit easier to use for small and large projects. Key provisions are:
· Return to a one-year delivery, reversing a change implemented in 2017;
· Reduction of the substantial rehab test to 50% of a building’s basis;
· Elimination of the basis adjustment, making it easier to pair HTC with LIHTC for the creation of much-needed affordable housing;
· Increasing the credit to 30% and making it transferable for small projects under $3.75 million QRE; and
· Defining small projects in rural areas as those under $5 million QRE.
Heritage Consulting Group has worked tirelessly to advocate for this game-changing legislation, and your efforts can help it become law! The Historic Tax Credit Coalition is making it easy to reach out to your federal legislators to let them know how HTC-GO will help revitalize your community. Have a project underway? Invite them for a visit. Heritage’s team of experts is always available to discuss how your project and community can benefit and help you connect to the appropriate legislators.
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