Rutgers University releases FY19 Economic Impact Report Outlining Benefits of the Federal Historic Preservation Tax Incentives Program
Earlier this month, the much anticipated FY19 economic impact report of the federal historic tax credit was published. This report highlights the success of the federal historic tax credit program nationwide specifically, that it generated $6.2 Billion in GDP and created 109,000 Jobs in 2019. Meaningful impacts of the program can also be seen here in New York, with $550 million in GDP, and 9,561 jobs created. Further evidence that the historic tax credit program has an incredibly important role as the nation looks toward a post-pandemic economic recovery.
"For more than 42 years, the Federal Historic Preservation Tax Incentives program has enabled the preservation and rehabilitation of more than 45,000 historic properties, while generating more than $188.2 billion in GDP nationally,” said Margaret Everson, Counselor to the Secretary, exercising the delegated authority of the National Park Service Director. “This is an incredible example of a federal/state partnership that continues to drive investments in historic preservation and revitalize communities across the country."