FEATURED ARTICLE

The Sky's the Limit: Case Studies in the Pitfalls and Potential of State Historic Tax Credits

In this month’s Historic Tax Credit Tool Box article in the Novogradac Journal of Tax Credits, Cindy Hamilton examines the limitations and potential of state historic tax credit (HTC) programs, focusing on Pennsylvania. Using a Wilkes-Barre building rehab as a case study, she illustrates how restrictive project and program caps limit the state HTC’s impact, despite high overall HTC activity. In contrast, states like New York, with uncapped or more generous programs, see broader economic and geographic benefits. The article advocates for expanding Pennsylvania’s HTC, highlighting recent advocacy gains and offering a model for other states aiming to strengthen preservation incentives.

Winston-Salem, North Carolina has demonstrated the success of office-to-residential conversions in revitalizing its historic core. Most recently, PMC Property Group completed the adaptive reuse of the 1911 Renaissance Revival-style Wachovia Bank and Trust Building, creating 86 multifamily rental units. Known for its strong commitment to adaptive reuse and historic rehabilitation, PMC Property Group preserved key architectural features including the grand bank lobby, original vault, and ornate iron entrance canopy. Heritage was proud to secure the historic tax credit approvals for this impactful restoration. Images courtesy of PMC Property Group.

HTC NEWS

HTC-GO Update

The Senate continues its work on the tax bill leading up to the Fourth of July recess. While HTC provisions were not included in the original draft, we remain cautiously optimistic that they will be included in the revised language, expected to drop before the break. Senator Cassidy (R-LA) has been championing inclusion of HTC provisions. Cindy, Elizabeth, and Nick were on Capitol Hill in mid-June for Historic Tax Credit Coalition Lobby Day, and we are working to connect clients to Senators who are key to the bill-making process. It is never too late to reach out to your elected officials to let them know that you support including historic tax credit provisions in the tax bill. You can find contact information at congress.gov.

The entire Heritage team recently gathered in the heart of Washington, DC, for a day brimming with team-building, collaboration, and connection. With our talented staff distributed across ten states, this summit was not only a productive event but also an opportunity to strengthen our bonds. We celebrated our shared commitment to excellence, reveling in the joy of working together. We're proud to be the Heritage team!

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