One of the most important funding sources for historic preservation projects across the country, bar none, is threatened with elimination. The federal historic preservation tax credit, in place since 1976, has leveraged $106 billion in private investment to preserve 38,000 historic properties. It’s been an efficient and effective job creator and a powerful tool in the revitalization of older communities.
Yet in Washington, DC, the leaders of the Senate Finance Committee recently asked all senators to identify by July 26 which tax breaks, deductions and credits should be put back in to the tax code. The Committee has adopted a “blank slate approach” to comprehensive tax reform, meaning the historic tax credit will be stripped from the tax code, and only added back in if enough senators make a compelling case for it.
WHALE joined Preservation Massachusetts, the National Trust for Historic Preservation, and other organizations across the country in writing to our Senators urging retention of the historic tax credit in the IRS code. A copy of our letter is available below.
Some important facts about the Historic Tax Credit are listed below:
The Historic Tax Credit (HTC) is the single most important investment our government makes in historic preservation.
In the past 32 years, it has rehabilitated over 38,000 historic structures, generated $106 billion in private investment and created more than 2.3 million jobs.
The HTC promotes economic growth in our communities, leveraging $5 private dollars of investment for every $1 dollar of tax credit.
The HTC can be combined with the Massachusetts’ state historic tax credit, making often difficult preservation projects possible.
The HTC is a critical tool for enabling preservation, promoting economic growth and enhancing quality of life for our communities and Commonwealth.