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Historic tax credit retained in tax reform bill

12/19/2017

1 Comment

 
 On Friday, December 15, House and Senate conference committee members reached agreement on the details of major tax legislation that will now proceed to a final vote in both chambers this week. The agreed-upon version keeps the historic tax credit at 20 percent but requires that the credit be taken over five years instead of all at once. The legislation repeals the 10 percent rehabilitation tax credit for non-historic buildings, but it does retain the New Markets Tax Credit.

Inclusion of the historic tax credit in the most significant tax legislation to move through Congress in more than three decades is an exceptional reaffirmation that rehabilitation of historic buildings is sound federal policy and good for the nation. While several steps remain before the Tax Cuts and Jobs Act (H.R. 1) becomes law, please take a moment to reflect on what a significant accomplishment retention of the historic tax credit is for the preservation movement and for the betterment of our communities. With the recent increase in the state historic tax credit to 25%, West Virginians will have access to 45% in combined state and federal tax credits when undertaking construction on a historic income-producing property.  The 25% increase takes effect on January 1, 2018.

Thank you to the many preservationists, practitioners, and stakeholders who worked countless hours to ensure this critical preservation tool remains a pillar of federal historic preservation policy. Thank you to Congressmen McKinley and Jenkins for standing up to retain the historic tax credit and signing a Tax Credit letter focused on the Historic Tax Credit and New Markets Tax Credit.

You can thank Congressman McKinley through his website at https://mckinley.house.gov/email-me/.  He has been instrumental in leading the effort to save the historic tax credit.

You can thank Congressman Jenkins through his website at evanjenkins.house.gov/contact/email.
1 Comment
Federaltax link
1/28/2023 08:26:56 am

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  • AmeriCorps
    • About Preserve WV
    • Current Preserve WV Members
    • Join Preserve WV AmeriCorps
    • Preserve WV Stories
    • Sponsor a Member
  • Programs
    • Advocacy >
      • Historic Rehabilitation Tax Credits
    • Annual Awards
    • Blair Footsteps Interpretive Trail
    • Historic Masonry Workshop
    • Historic Wood Window Preservation Workshop
    • West Virginia Endangered Properties >
      • West Virginia Endangered Properties List >
        • Endangered Properties Blog
        • Saved Sites
        • Lost or Archived Sites
    • West Virginia Historic Preservation Conference
    • Webinars >
      • Webinar Archive
    • West Virginia Historic Theatre Trail >
      • Movie Theatres of West Virginia
    • WV New Deal Trail
  • Resources
    • Fund Your Preservation Project >
      • Historic Preservation Loan Fund
      • Saving Historic Places Grant
    • Consultants and Contractors
    • Preservation Techniques >
      • Historic Building Assessment
      • How to Recycle Asbestos
      • Mothballing Property
      • Window Rehabilitation
    • Frances Benjamin Johnston: A West Virginia Icon >
      • Selected Photos
      • Behind the Lens Activity
    • Historic Preservation Degrees
  • News
    • Preservation Spotlights
    • Monthly E-newsletter
  • Contact
    • About Us >
      • Our Team
      • Our Story
  • Give
    • Become a Member of PAWV
    • Give Online
    • Ways to Give to PAWV
    • #GivingTuesday
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