The Senate’s tax reform bill, released two weeks ago, eliminated the pre-1936 10% “old building” credit and reduced the 20% HTC to 10%.
Last Thursday, as part of a mark-up of the Senate’s tax reform bill, the Senate Finance Committee Chair (Hatch, R-UT) combined a handful of amendments into one Manager's Amendment. This included a provision to restore the Historic Tax Credit to 20% while being earned over a 5-year period. The Finance Committee approved the Manager’s Amendment on a party line vote, 14-12, and passed the bill out of committee on a party line vote, 14-12.
With passage of this amendment, Historic Tax Credit advocates made a positive step toward retaining this program as it is reflected in current law.
Our U.S. Senators have maintained their support for the Federal Historic Tax Credit, as have our Democratic Representatives and the Republicans noted above (Donovan, Faso, Stefanik, and Katko). We are encouraging our colleagues to please thank them for their support and encourage them to continue insisting that the Historic Tax Credit be a part of the final tax reform package. Representatives Chris Collins, Claudia Tenney, and Tom Reed have not publicly supported the Historic Tax Credit. If you live in one of those districts, please consider contacting them to urge their support for the Historic Tax Credit.
Full restoration is a step-by-step process, and the Preservation League will continue to keep its members and supporters updated.
Recent news stories about local impacts of the Federal Historic Tax Credit include http://wamc.org/post/area-leaders-urge-feds-spare-historic-tax-credit and http://wnyt.com/politics/capital-region-leaders-tout-historic-tax-credit-tonko-madden-mcdonald-troy/4675714/.
Our website is up to date with the above information, for easy sharing - https://www.preservenys.org/fed-tax-credits.html.