Well. We wish we had better news.
Last Wednesday, the Republican leadership in Congress and the Administration released a Tax Reform framework that excluded the federal HTC. Regarding tax credits, the document said:
“The framework explicitly preserves business credits in two areas where tax incentives have proven to be effective in promoting policy goals important in the American economy: research and development (R&D) and low-income housing. While the framework envisions repeal of other business credits, the committees may decide to retain some other business credits to the extent budgetary limitations allow.”
Make no mistake, the exclusion of the historic tax credit in this preliminary language is concerning.
There is good news though. Advocates of the federal HTC still have time to work to preserve the credit. But for how long is unknown. It is imperative that those that are interested in saving the program make their voice heard now and reinforce the proof that the HTC is also effective in promoting policy goals as well as having a positive impact on the American economy by stimulating investment and increasing the tax base over time, creating jobs, and preserving historic resources.
The House Ways & Means Committee and Senate Finance Committee Republicans will be integral in the retention of the federal HTC in any tax reform proposals.
House Ways & Means Committee |
Kevin Brady, Texas's 8th, Chairman
Senate Finance Committee Republicans |
Orrin Hatch, Utah, Chairman
If any of these elected officials are in your Congressional delegation, please seriously consider contacting them to register your support on this issue. If you are from other areas, we encourage you to voice your support as well. Here is how you can help today (and tomorrow, and the next day):
The easiest way to advocate for the federal HTC is to work through the Historic Tax Credit Coalition. If you are able to contact any of the above committee members, please email Michael Phillips ([email protected]) at the Coalition. Based on your location, the Coalition team can send you the contact information for your federal legislators along with a form letter that you can cut, paste, and forward. Add a word about how you have witnessed the economic benefits of historic tax credits in your state.
(The National Trust for Historic Preservation has some good statistics and studies if you want to fortify your case.)
If you want to take it further, pick up the phone and use your voice. Tell your representatives why you support the historic tax credit. Ask that they represent you and your community when they consider any tax reform.
Already sent emails and called? Do it again. If you haven’t heard back from your outreach after three days, repeat your effort.
Contact us with any questions you have about these or other historic tax credit matters. And stay tuned for more information and updates about federal HTC reform in the coming weeks.