Released Friday, December 15, this version retained the Senate’s modification of the HTC, which mandates that users must take the credit over five years, instead of in the first year the building is placed in service. Although this will diminish the credit’s value, it’s a big win for preservation, as the House version of the Tax Cuts and Jobs Act eliminated the credit completely.
Unfortunately, Congress eliminated the “non-historic” building credit, 10% for buildings built before 1936 but not on the National Register of Historic Places. The use of the 10% credit was difficult to quantify, as users file for that credit on their tax forms, without formal SHPO or NPS review.
The Preservation League worked with our national partners to urge Republican Representatives John Katko, John Faso, Elise Stefanik, Claudia Tenney and Dan Donovan to add their names to Republican Dear Colleague letters supporting the Historic Tax Credit and asking for its inclusion in the final Tax Cuts and Job Act. As a member of the House Ways and Means Committee, Representative Tom Reed did not participate in the Dear Colleague letters, but publicly stated his support for the HTC.
Democratic Senators Charles Schumer and Kirstin Gillibrand also advocated for retaining the Historic Tax Credit, as did many Democratic House Representatives, including Brian Higgins, Louise Slaughter, and Paul Tonko.
Please join us in thanking these elected officials for their support of the Federal Historic Tax Credit using the links above. The HTC helps breathe new life into historic urban neighborhoods, villages, and rural areas across New York State, and encourages private investment.
More information on the significance of the HTC may be found by following the links below.