HISTORIC TAX CREDIT IMPROVEMENT ACT (HTCIA) INTRODUCED

​Good news! On Thursday, February 16th, legislation was introduced in Congress that would make important changes to the historic tax credit.  The bipartisan Historic Tax Credit Improvement Act (HTCIA)(H.R. 1158 / S.425) closely resembles legislation introduced in the last Congress that would improve access to the credit for smaller rehabilitation projects that will help revitalize our small towns and our inner cities.

The legislation was introduced in the House of Representatives by Congressmen Mike Kelly (R-PA) and Earl Blumenauer (D-OR) and is supported by 18 cosponsors, including nine Republicans and nine Democrats and eight members of the Ways and Means Committee.  Senators Susan Collins (R-ME) and Ben Cardin (D-MD) introduced companion legislation in the Senate and were joined by Senators Cochran (R-MS), Gillibrand (D-NY), Leahy (D-VT), and Wicker (R-MS).

The Historic Tax Credit Improvement Act encourages redevelopment of smaller, income-producing properties by:

• Increasing the credit from 20 to 30 percent for projects with rehabilitation expenses of less than $2.5 million;

• Simplifying the application process for small developers by allowing a onetime transfer of the credits as a tax certificate;

• Making it easier to meet the substantial rehabilitation test; and

• Creating greater flexibility for nonprofit organizations to partner with developers in redevelopment projects.

Please contact your members of Congress and urge them to support the Historic Tax Credit Improvement Act,H.R. 1158 / S.425.

Take Action

The HTCIA provides Members of Congress with a way to indicate their support for the credit and offers several reform ideas that could be incorporated into a larger tax reform bill.  Adding cosponsors to the legislation is a critical step to protecting the historic tax credit during the tax reform process.
 
Urge Members of Congress to co-sponsor the Historic Tax Credit Improvement Act H.R. 1158 / S.425: 

1. Send your delegation an email encouraging cosponsorship of the HTCIA;
2. If you are an organization, request that your members reach out to your state’s Congressional delegation to urge cosponsorship.
3. Ask Senate and House Members to Meet “In-district” During the Congressional Recess April 10th-21st:

Contact district offices of both House and Senate Members and ask to schedule a meeting:

To locate the name and phone number of your House Representative go to:
http://www.house.gov/representatives/find/

To locate the names and phone number of your Senators go to:
http://www.senate.gov/general/contact_information/senators_cfm.cfm?OrderBy=state&Sort=ASC

Helpful Tips:

• Combine your meeting with a tour of a completed or potential HTC project;

• If a meeting with the Member is not possible, request a meeting with staff;

• Coordinate meetings with local preservationists, developers, architects, mayors, Main Street organizations and others in order to convey the broad impact of the Historic Tax Credit program.

• Please share the outcomes of your advocacy with HTC Campaign Staff Members (see below).

1. Join the Federal Policy Webinar on March 9 at 2:00 p.m. ET

Resources:

• Talking Points

• Bill Summary

• HTC Maps
  • State and Congressional District Maps with Economic Impact Data
  • Interactive Mapping Tool developed by Novogradac and Company

• HTC Staff Contacts:

o   Mike Phillips ([email protected])
o   Shaw Sprague ([email protected])
o   Renee Kuhlman ([email protected])

Thank you for speaking up in support of the federal historic tax credit! With your ongoing engagement, the historic tax credit will continue to revitalize our communities, stimulate the economy, and preserve our irreplaceable historic buildings.