Take Action to Protect Tax Credits!
The award-winning restoration of the Hawkes Building Apartments in Corning used State and Federal Tax Credits.
The Federal Rehabilitation Tax Credit Program is tremendously important to New York State. According to the National Park Service, between 2002 and 2015 a total of 406 historic properties were rehabilitated using the tax credit, stimulating over $3.8 billion in development costs. These are the projects in Buffalo, Elmira, Syracuse, Albany, Hudson, New York City and throughout the state that we see and admire every day.
Many are concerned that the program will be sacrificed as Congress takes on Tax Reform. At the Preservation League, we share this concern and have worked to spread the word about the threat.
The good news is that we have support in Congress. Last week the Historic Tax Credit Improvement Act of 2017 ("HTCIA") (H.R. 1158 / S. 425) was introduced with bi-partisan support, providing important improvements to the program that could be a part of larger tax reform legislation. This bill calls for enhancing the tax credit program to make it more effective in the rehabilitation of small and midsize buildings, including increasing the credit to 30% for projects whose qualified rehabilitation expenses do not exceed $2.5 million. Details of the bill can be found here.
We are delighted that Senator Kirsten Gillibrand has signed on as an original co-sponsor of S. 425, and we are working to see that other members of the delegation show their support by signing up as co-sponsors in the House. That will be a major push during Preservation Advocacy Week set to take place in Washington D.C. March 14-16. If you are interested in joining the team from New York, we encourage you to sign up on the Preservation Action website.
Even if you can't join us in Washington, you can still help:
Call or send an email to Senator Gillibrand thanking her for her support of historic preservation and economic development by co-sponsoring the Historic Tax Credit Improvement Act of 2017 (S. 425).
Contact your representative in Congress and ask them to join the Historic Tax Credit Improvement Act of 2017 (H. 1158) as a co-sponsor.
Consider visiting your Senate and House members "in-district" during the upcoming Congressional Recess April 10-21. Let us know when planning your visit and we may be able to assist you in assembling a group of constituents.
Thank you for your support of historic preservation in New York State. We will keep you informed of developments in the weeks ahead. If you appreciate our advocacy on this issue, please support our efforts by becoming a member!