House Passes H.R. 2 Infrastructure Bill

House Passes H.R. 2 Infrastructure Bill, inclusive of HTC-GO Enhancements & Temporarily Addressing COVID-19 Distressed Projects 

The Invest in America Act [aka the Moving Forward Act], includes $1.5 trillion to fund infrastructure projects. It dedicates about $400 billion in infrastructure investments for roads, bridges, and transit, and includes key Historic Tax Credit (HTC) improvements and temporary measures related to COVID-19 recovery endorsed by the historic preservation community.

Thank you to our New York House Representatives for supporting this effort, including those who co-sponsored the bill: Yvette Clarke [NY-9], Adriano Espaillat [NY-13], Brian Higgins [NY-26], Carolyn Maloney [NY-12], Sean Patrick Maloney [NY-18], Gregory Meeks [NY-5], Joseph Morelle [NY-25], Thomas Suozzi [NY-3], Paul Tonko [NY-20], Nydia Velazquez [NY-7].

A big thank you to all of our supporters who joined us in this advocacy effort. Your efforts and support of the Preservation League clearly communicated how important preservation is to our economic recovery. This legislation supports preservation in the following ways:

  • A temporary increase for all federal historic tax credit projects to aid in post pandemic recovery (30% through 2024, stepping back down to 20% by 2027), and a temporary extension to rehab deadlines impacted by the pandemic;

  • Make permanent most of the provisions in the Historic Tax Credit Growth and Opportunity Act, H.R. 2825/S. 2615 (HTC-GO) including: 30% Historic Tax Credit for projects under $2.5 million;

  • Eliminates the HTC Basis Adjustment, bringing more value to HTC’s;

  • Reduces the Historic Rehab Test to 50% of a building’s basis instead of 100%; 

  • Makes the credit easier to use by nonprofits; and

  • Includes a provision for communities to rehabilitate existing public schools using the HTC.

Join our continuing advocacy efforts:

Contact Senators Chuck Schumer and Kirsten Gillibrand to share how HTC projects impacted by the pandemic would benefit from temporary HTC provisions in emerging COVID-19 relief Senate legislation. Explain how these enhanced and temporary HTC provisions would bring relief to distressed projects. Suggested messaging to Senators:

  • “Please include these needed HTC enhancements that were in the recent House infrastructure bill (H.R. 2) to the next Senate bill, so it may be used as a tool to enable future projects to aid in the economic recovery.”

  • Describe obstacles that local projects have faced during the pandemic, such as extra costs incurred and project financing difficulties.

  • Share the HTC Recommendations for COVID-19 Relief and Recovery Legislation 

  • Explain how the recommended provisions would help these projects and bring back the pipeline of HTC projects that are stalled in your community.

Federal, Tax CreditsPLNYS Staff