HTC Reduced in Senate Tax Bill Release, House Committee Passes Bill with HTC Eliminated

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!

All advocates should be fully activated across the country, connecting with both House and Senate offices, asking them to retain the HTC in tax reform bills, undiminished. The fate of the HTC will be determined over the next few weeks, please advocate and ask others to advocate! 
 
The House of Representatives is expected to consider and vote on the bill on the House floor next week. Also next week, the Senate will begin to mark-up and pass their version of the tax reform bill out of the Senate Finance Committee.
 
-Please contact your House Representative by COB Monday and ask them to work with House leadership to insert the HTC back into the final House bill.
 
-Contact your Senators by COB Monday and ask them to go to the Senate Finance Committee and Senate leadership, express support to retain the HTC in the Senate tax reform bill undiminished.
 
Despite our collective frustrations, it is extremely important to keep all Capitol Hill communication constructive and respectful.
 
Advocates Should Focus on Preserving the HTC not influencing the Transition Rules
While the House repeal transition rules have been described as both stingy and unclear, advocates should direct 100% of their advocacy to preserving the credit in its current form in the House and Senate.  Should the need arise, there will be opportunities later in the legislative process to negotiate favorable transition rules.  Now is not that time. Such actions could extinguish momentum advocates are gaining to retain the HTC in tax reform. There is a good chance the Senate bill passed out of committee will incorporate the historic tax credit and there is still opportunity for the HTC to be added back in the House bill.