Unlike the House version of the Tax Cuts and Jobs Act, H.R. 1, which would eliminate the 20% Federal Historic Tax Credit -- the Senate version retains the 20% credit, but includes a provision that the credit be claimed over a period of five years. We appreciate the Senate’s action to maintain the Federal Historic Tax Credit.
Senators Schumer and Gillibrand have consistently supported the federal Historic Tax Credit. Please contact their offices using the links in this post and thank them for their appreciation of the Historic Tax Credit’s importance to New York State.
According to National Park Service data, during the 2016 fiscal year New York State led the nation in investment incentivized by the federal Historic Tax Credit, with over $831 million in that year alone. In 2016, the Historic Tax Credit created almost 14,000 jobs in New York State, where we again led the country in Historic Tax Credit job creation. Projects completed as part of the Historic Tax Credit program also generated over $242 million in local, state, and federal taxes. These investments reflect projects in every corner of our state.
In New York's Congressional Delegation, Democratic Representatives and their Republican colleagues John Katko, Elise Stefanik, Dan Donovan, and John Faso have voiced their support for the Historic Tax Credit. If you live in one of their districts, please thank them for their support. House Representatives Chris Collins, Claudia Tenney, and Tom Reed have not voiced support the Historic Tax Credit. If you live in one of those districts, please contact them to urge them to support the Historic Tax Credit.
The chart below from CPAs Novogradac & Co. shows the current status of the Federal Historic Tax Credit in the House and Senate tax bills as well as other significant tax incentives.