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Credit Worthy News

Katherine Ferguson

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National Park Service Releases 2017 HTC Report

Posted by Katherine Ferguson on Tuesday, March 13, 2018

As historic preservation advocates spend the week on Capitol Hill for Preservation Action's Advocacy Week, the National Park Service has released the Federal Tax Incentives for Rehabilitation Historic Buildings: Annual Report for Fiscal Year 2017

Screen Shot 2018-03-13 at 9.30.15 AM.png| Click to view

Among the impressive findings for 2017:

  • Over $5.8 billion of private investment was certified (Part 3).
  • Almost 107,000 jobs were created.
  • There was a 16 percent increase in Part 2 approvals, representing an estimated $9.07 billion in QREs.

With FY 2018 well underway, and even with the late 2017 tax law changes, we expect that these trends will continue to show the positive effects of the historic tax credit program on our nation's historic buildings. 

Topics: federal HTC, National Park Service

State Historic Tax Credits with Equal Installment Structures

Posted by Katherine Ferguson on Friday, February 23, 2018

DSC_0024.jpgCigar Factory | Charleston, SC

Making headlines around the country, the big change to the federal historic tax credit has people talking and speculating. The tax credit itself was saved, which was welcomed with a collective sigh of relief from preservationists, developers, architects, and community leaders across the nation; however, the effect of one major change requiring owners to take the credit over five years instead of the first year has been the speculation of national and local news media and industry leaders over the last two months. 

We don't have all the answers on what the outcome of the change will be yet, but in the February 2018 issue of the Novogradac Journal of Tax Credits, we examine how state historic tax credit programs that have equal installment strcutures have fared and what we can learn from them. 

Read the full story here | 
What State HTCs with Equal Installment Structures Tell Us About the New Federal HTC Rules

 

Topics: State HTC, Novogradac Journal of Tax Credits

The Historic Advisor | Winter 2018

Posted by Katherine Ferguson on Thursday, February 15, 2018

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INSIDE THIS ISSUE | With new rules in place for the federal historic tax credit in the new year, we take a look at the history and future of the program. This edition of our quarterly newsletter also features historic rehabilitation projects currently underway, state HTC news, recent project honors, and exciting team news.

    
 

Topics: Historic Tax Credits, The Historic Advisor

The Historic Advisor | Fall 2017

Posted by Katherine Ferguson on Friday, November 17, 2017

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Inside the issue

  • WHAT WE ARE WORKING ON
  • HTC WATCH
  • PROJECT HONORS

    
 

Topics: The Historic Advisor, Innovation

House Tax Reform Legislation Eliminates Historic Tax Credit

Posted by Katherine Ferguson on Thursday, November 2, 2017

A day late, but nonetheless what we expected. The House tax reform bill released this morning does, in fact, eliminate the historic tax credit. This push for tax reform is still in early days and no doubt there will be many changes, maybe even the retention of the historic tax credit, but advocacy is still of the utmost importance. Perhaps now more than ever.

TAKE ACTION NOW

The release of the proposed legislation means that we now know what we are asking for: DO NOT REPEAL THE HISTORIC REHABILITATION TAX CREDIT. It means supporters of historic preservation and believers of economic prosperity driven by historic rehabilitations need to be very specific about what this program has to offer and what we stand to lose. Last year alone, over 1,000 historic rehabilitations were completed; 109,000 jobs were created; $1.7 billion federal, state, and local taxes were generated; and these projects generated $6.2 billion in GDP.

Over the lifetime of the program (1978-2016) these numbers are staggering:

  • 42,293 projects have been certified
  • 2.4 million + jobs have been created
  • $29.8 billion federal taxes have been generated for $25.2 billion credits allocated (that's a $1.20:$1 ratio that proves the program is revenue positive)
  • $144.9 billion has been contributed to GDP

These aggregate numbers are impressive. But it is also the unique placemaking that comes from the reuse of historic buildings in your very own communities that demonstrate the real value of the historic tax credit.

Why are these historic buildings important to you and your community? What positive change and economic development opportunities have you seen from these projects where you live, work, or play? In what state would these places and neighboring properties be without development that was incentivized by the historic tax credit? What projects will not get developed in the future without this incentive?

Consider these questions and take action now before it is too late. We still have a ways to go before the bill becomes law. But House and Senate Republicans are promising an aggressive approach to passage and we must take this very seriously. Losing our historic tax credit would change the landscape of future development in towns and cities across the country, making it more equitable to drastically alter or demolish our historic places. Once gone, we can never replace them.

The same can be said of the historic tax credit. Once gone, an effort to replace what is lost could have uncertain outcomes. We know what Gerald Ford's administration began and Ronald Reagan continued and supported works. We know that its foundation is strong and its bones are good. We know it should not be demolished.

Join us as we stand with the Historic Tax Credit Coalition and others throughout the country to support this historic tax credit. Your contribution of words and support could make all the difference.

Check out this list of important Republican legislators to contact today.

 

Topics: HTC, Historic Tax Credits, tax reform