OCTOBER 19, 2018

Annual Report of the Federal Historic Tax Credit Continues to Show the Positive Economic Impact of the Program

The Historic Tax Credit has had a huge impact in the Over-the-Rhine neighborhood of Cincinnati, OH. Photo credit, Travis Estell.
The new annual report from the National Park Service and Rutger's University continues to show the tremendous economic impact of the Federal Historic Tax Credit program. In fiscal year 2017, the Federal Historic Tax Credit (HTC) contributed $12.2 billion in economic output to the U.S economy, added $6.2 billion to the gross domestic product, and generated 107,000 jobs. 

The report comes as the HTC celebrates it's 40th anniversary. Over the course of those 40 years, the Historic Tax Credit has rehabilitated over 43,000 historic properties, leveraged $144 billion in private investment and created over 2.5 million jobs, all while bringing in more federal tax revenue than the cost of the program. According to the report, the HTC yields a net benefit to the U.S. Treasury, generating $32.4 billion in Federal tax receipts over the life of the program, compared with $27.5 billion in credits allocated.

"Historic preservation tax incentives continue to drive investments in historic preservation and revitalize communities across the country," said National Park Service Deputy Director P. Daniel Smith.

Campaign to Create the Julius Rosenwald and Rosenwald Schools National Historical Park Launches

The Rosenwald Park campaign was recently launched to establish the Julius Rosenwald & Rosenwald Schools National Historical Park. As envisioned by the campaign, the proposed National Historic Park would be a multi-site park aimed at recognizing and interpreting the life and philanthropy efforts of Julius Rosenwald with a visitor center in Chicago and a number of restored Rosenwald schools across the south.

The proposed National Historic Park would focus on the special contribution of Rosenwald schools to African American education in the United States. In the early 20th century, businessman and philanthropist, Julius Rosenwald partnered with African American communities across the South to build schoolhouses for children who otherwise would have had extremely limited access to public education. In total, more than 5,000 schools were constructed in 15 southern states, the vast majority of which have since been demolished or abandoned.

An important part of the campaign is to obtain Congressional legislation to direct the National Park Service to conduct a special resources study of the sites associated with Rosenwald's life and legacy, especially the Rosenwald schools. For more information, check out the Rosenwald Park campaign's website.
Effort to Establish a Historic Tax Credit Program in New Jersey Gains Steam

Advocates in New Jersey are one step closer to establishing a state historic tax credit program. This week, the New Jersey Senate State Government, Wagering, Tourism & Historic Preservation Committee approved the Historic Property Reinvestment Act, which would establish a 25% tax credit for the rehabilitation of historic properties. This comes just a week after New Jersey's Governor, Phil Murphy, demonstrated support for a creating a state historic tax credit program, saying that he sees historic preservation as a key opportunity for economic growth.

The Historic Property Reinvestment Act passed the Senate committee with unanimous support. Similar legislation is currently pending in the NJ state assembly. The effort to establish a historic tax credit in New Jersey is over a decade in the making. Lawmakers passed a broad economic package that included the historic tax credit in 2011, but the bill was vetoed by former Governor, Chris Christie. If approved, New Jersey would join 35 other states that currently have a state historic tax credit program. Check out Preservation New Jersey to learn more and find out how you can help!
Gold Rush: Party Time! PAF Auction Returns on Nov. 14th in San Francisco. Get Your Tickets Today!
Get your tickets today for Preservation Action Foundation's Legendary  Party and Live Auction in San Francisco. The annual after party and auction will take place on November 14, 2018 immediately following the Opening Reception of the National Preservation Conference. Enjoy the atmosphere and exhibits  at the   California Historical Society , located in the former San Francisco Builders Exchange building in the vibrant Yerba Buena neighborhood, just a mile from the conference headquarters.

The annual auction has long been a highlight for Preservation Action Foundation and of the National Preservation Conference. Last year's auction in Chicago was a huge success and were excited to top that this year!

Donate an Auction Item

This is our largest fundraiser of the year and the proceeds from this event are used to assist the education and training, advocacy, and programs of the Preservation Action FoundationWe are currently seeking donations of auction items like hotel stays, tours of historic sites and other unique experiences. This is a great way to highlight your organization and city/state to an active and interested group of people. Download the 2018 Auction Request Letter and Donation Form and check out our website for more information.

Preservation Action
2020 Pennsylvania Ave NW #313
Washington, DC 20006
p. 202-463-0970

Preservation Action is the only national  non-profit dedicated exclusively to lobbying for the best preservation policies at the federal level. We seek to make historic preservation a national priority by advocating to all branches of government through a grassroots constituency empowered with information and training.