Last Friday evening, the two houses of Congress arrived at a reconciled tax reform bill, and the bill will retain the twenty percent Historic Tax Credit. According to Preservation Action’s Facebook page…
20% HISTORIC TAX CREDIT RETAINED IN TAX REFORM! The conference committee released the reconciled tax reform bill this evening and the bill retains the 20% HTC. The House and Senate are expected to vote on the legislation next week. Thank you to everyone for your substantial efforts over the last couple of years, and especially over the last few months! We made our voices heard!
While advocates will be disappointed that the bill eliminates the 10% pre 1936 credit and the 20% credit will be phased in over 5 years, this is still a substantial achievement. We will still have opportunities to make positive adjustments in “technical corrections” and will continue to advocate for improving the HTC. Please also take a moment to thank your members of Congress for standing up to support the HTC!
The House Rules Committee met last night to set up floor consideration and expects to vote on the bill today. The Senate is expected to vote on the bill today or tomorrow. So regardless of whether or not the bill passes, a version of the highly successful tax incentive program will remain an excellent resource in our nation’s historic places.