Urgent Action Needed: Advocate for a 20% HTC in Final House/Senate Reconciled BillEarly on Saturday morning, the United States Senate passed its tax reform bill on a vote of 51-49, moving the legislation to a House and Senate Conference Committee to reconcile the two versions of tax reform. The Senate bill restores the 20% Historic Tax Credit (HTC) with a provision that it will be claimed over five years.
Your immediate ACTION is needed! All advocates should be fully activated across the country, connecting with both House and Senate offices. Call-to-Action: 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. Scroll down for contact information and suggested messages: 1. Introduce Yourself as a Constituent Contact info: McKinley, David - (R - WV, 1) (202) 225-4172 https://mckinley.house.gov/contact/ Suggested thank you: "I would like to thank the Congressman for his leadership during the tax reform bill and for his efforts to preserve the 20% Federal historic tax credit. We hope the Congressman will continue to fight for this important financial development tool during House and Senate conference committees related to the tax reform bill." Mooney, Alex - (R - WV, 2) (202) 225-2711 https://mooney.house.gov/contact Jenkins, Evan - (R - WV, 3) (202) 225-3452 Contact: https://evanjenkins.house.gov/contact Suggested Message to Congressmen Mooney & Jenkins: I am calling to request your help to ensure the existing federal historic tax credit (HTC) is retained through the tax reform process. The House tax reform bill repeals the HTC, but the Senate Finance Committee is proposing to keep the historic tax credit in place with certain reductions to the incentive. We need the HTC retained at its current level of effectiveness so that this proven tool can continue to restore under-utilized buildings, create local jobs and revitalize older commercial districts. 2. Explain why you value Historic Tax Credits, and that the redevelopment of historic buildings will not get done without the HTC. 3. Let them know some previous and future HTC projects in your state/district 4. Touch on why these historic buildings are so challenging but important to our communities. 5. If your Member of Congress has agreed to help, please remember to thank them and tell others about their support! SENATORS: Contact info: Manchin, Joseph - (R - WV) 202-224-3954 https://www.manchin.senate.gov/contact-joe Capito, Shelley Moore - (R - WV) (202) 224-6472 Contact: www.capito.senate.gov/contact/contact-shelley Suggested thank you - “I would like to thank the Senator for supporting a tax reform bill that includes a 20% Historic Tax Credit in Senate tax reform bill. This is a significant improvement compared to the elimination in the House bill. Please communicate to Senate Republican Leaders and Chairman Hatch (R-UT) that they must not weaken important protections for the Historic Tax Credit when they reconcile the House and Senate bills.” It is extremely important to keep all Capitol Hill communication constructive and respectful. Background In November, Senate Finance Committee legislation eliminated the pre-1936 10% non-historic “old-building” credit and reduced the 20% HTC to 10%. HTC advocates were successful in working with Senator Cassidy (R-LA), and other Finance Committee Senators, to support a provision to restore the HTC to 20% for historic buildings. As a cost saving measure, the “Cassidy Amendment” provided that the 20% credit will be released over the 5-year compliance/recapture period (or 4% per year). The Finance Committee approved the provision, which was included in a Manager’s Amendment, on a party line vote. The House passed a tax reform bill on November 16th. The House version of the bill eliminates both the 10% pre-1936 non-historic “old building” credit and the 20% HTC. With House Republicans highly motivated for a legislative win, few Republicans voted against the bill. Next Steps House members will still have an opportunity to voice their continuing support of the HTC when the House and Senate negotiate the final tax package. Many House members and supporters of the HTC have encouraged House Leadership to accept the improvements in the Senate bill and advocates are encouraged THIS WEEK to continue sending this message to their Members of Congress. While advocates are disappointed they could not fully restore the 20% HTC to current law and prevent the elimination of the 10% pre-1936 rehabilitation credit, they are standing their ground, insisting on the Senate provision and that no further erosion takes place. 8/3/2023 10:26:09 pm
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