Urgent Action Requested!

The federal historic tax credit reduced in Senate Tax Reform Bill Release, House Committee Passes Tax Bill with HTC Eliminated
 
Today the Senate Finance Committee released their version of a tax reform bill that reduces the Historic Tax Credit in half, from 20% to 10% for historic buildings. Additionally, the 10% pre-1936 non-historic “old” building credit is eliminated.
 
Also today, the House Ways and Means Committee passed The Tax Cuts and Jobs Act (TCJA) or H.R. 1, with the HTC entirely eliminated, on a party line vote 24-16, setting up full-House floor consideration next week.
 
Your immediate ACTION is needed!
Advocacy Resources
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• Find contact information for your House Representative 
• Find contact information for your Senators 
• Talking points 
• State and congressional district maps with economic impact data 
• Interactive HTC mapping tool developed by Novogradac and Company 

How Can You Take Action?
Contact House and Senate Members - Call (during office hours) the offices of your Members of Congress. Ask to speak to tax staff, your staff contacts in offices or ask for email addresses of tax staff.
A suggested outline of your email message or phone call:

1. Introduce yourself as a constituent
2. House -Say “I heard the historic tax credit is eliminated in the House version of the tax reform bill. I am extremely concerned that this important community redevelopment incentive will no longer be available to revitalize our main streets, towns and cities and preserve our heritage.”
3. Senate -Say “I heard the historic tax credit is dramatically reduced in the Senate tax reform bill. I am extremely concerned that this important community redevelopment incentive being reduced will no longer have the catalytic impact to leverage investment, revitalize our main streets, towns and cities and preserve our heritage.”
4. Explain why you value Historic Tax Credits, and that the redevelopment of historic buildings will not get done without the HTC.
5. Let them know some previous and future HTC projects in your state/district (Link to State HTC Map and Project List below)
6. Touch on why these historic buildings are so challenging but important to our communities.
7. Ask…. “As tax reform moves forward, will Rep./Sen. XXX stand up for the Historic Tax Credit and use his/her voice to insist that the historic tax credit be retained in tax reform, undiminished?”
8. Share with the office the video of President Reagan supporting the HTC, https://www.youtube.com/watch?v=-kJAIopuPyI&t=2s
9. If your member of congress has agreed to help, please remember to thank them and tell others about their support!

U.S. Representatives Evan Jenkins, R-W.Va., and David McKinley, R-W.Va., have been outspoken in their support for the credits, she said.

"We are grateful that McKinley and Jenkins requested the inclusion of this economic-development tool in the tax reform bill," LaPresta said.

"Both legislators represent districts in which historic tax credits are attracting private investment."

Historic tax credits helped finance 92 commercial-rehabilitation projects in West Virginia between 2002 and 2016, leveraging more than $175 million in development investment and supporting more than 3,500 construction jobs, she said.

"These credits are highly influential when it comes to attracting larger businesses into West Virginia downtowns," LaPresta said.

The tax credit was championed by President Ronald Reagan to encourage the rehabilitation of abandoned and underutilized properties. Since 1981, it has leveraged more than $131 billion in private investment and created more than 2.4 million, she said.

The state Legislature in October increased the State Historic Tax Credit from 10 to 25 percent, but weakening or eliminating the Federal Historic Tax Credit could endanger the feasibility of nearly all historic rehabilitation projects in West Virginia.

"We think the credit complements, rather than hinders, Congress's goal of pro-growth tax reform," LaPresta said.

“There are a dozen buildings that we predicted would be rehabilitated with the increase of the state historic tax credit. Now, with the proposed elimination of the federal credit, we fear progress will be jeopardized."

The Preservation Alliance of West Virginia is a non-profit dedicated to historic preservation and a statewide partner in the National Trust for Historic Preservation.

LaPresta is urging business leaders who wish to advocate for the federal historic tax credit to contact the alliance at 304-345-6005 or visit its website at PAWV.org.

MEDIA CONTACT

Danielle LaPresta
Executive Director
Preservation Alliance of West Virginia
www.pawv.org
[email protected]
304-345-6005