Call To Action:
Federal Historic Tax Credit in Danger of Repeal in Tax Reform
President-Elect Trump and Speaker Ryan have prioritized moving tax reform legislation in the first 100 days of the next Congress, which begins in January.
Ways and Means Committee members will be meeting on
December 14th-15th to agree on big picture elements of tax reform with a goal to have a draft bill to review in early January. Speaker Ryan's "A Better Way" blue print, released earlier this year,
recommends eliminating tax credits and deductions, which would include the Historic Tax Credit (HTC).
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.
A tax reform package could move quickly through Congress by way of the budget reconciliation process, which only requires a simple majority for passage in the Senate, not the typical 60 votes needed to cut off debate. Our hope is that if enough Senators and Representatives express their support for the HTC to party leadership and to members of the tax writing committees, the Historic Tax Credit can be retained as an important part of a reformed tax code.
The Historic Tax Credit Coalition, National Trust for Historic Preservation, National Trust Community Investment Corporation, and allied organizations are moving quickly to increase lobbying capacity. However,
there is no substitute for the advocacy that you can provide at the state and local level!
Your action is requested on this critical matter!
Please call or email your Members of Congress ASAP!
Ask them to support the Historic Tax Credit as part of tax reform legislation that is expected to move through Congress next year. 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 Senate Finance Committee Chairman, Orrin Hatch (R-UT).
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