Key Opportunity to Strengthen the Federal Historic Tax Credit
The historic tax credit (HTC) has a proven track record of kickstarting job creation and attracting private investment, while preserving tangible links to our past.
As Congress considers its ongoing response to the coronavirus pandemic and the need to stimulate economic activity, legislators must hear from the preservation community that the HTC is a proven economic recovery tool that should be strengthened and incorporated into legislation designed to revitalize our nation’s struggling communities.
On July 1, the Moving Forward Act (H.R. 2), a $1.5 trillion proposal designed to rebuild and invest in our nation’s infrastructure, passed the House 322 – 188 largely along party lines. The proposal incorporates community development provisions that support infrastructure financing, including several provisions that strengthen the HTC. If enacted, H.R. 2 would bolster community revitalization and job creation efforts, better promote affordable housing in historic buildings, and create long overdue efficiencies to the program.
Take action by reaching out to your Senators and letting them know how the changes proposed in H.R. 2 will benefit your community and share with them rehabilitation projects impacted by the pandemic that would benefit from a temporary boost to the HTC. Urge your Senators to include these provisions in any forthcoming COVID-19 relief legislation.