Reviews of the new tax reform bill have been mixed. Historic tax credits were retained, but the terms of claiming the credit changed. Other tax incentive programs were modified or done away with entirely. Depending on whom you ask, these changes can be positive or negative.
Housing affordability is a problem across the country. In fact, one National Low-Income Housing Coalition study found that in 2017 there was no state that is untouched by this issue.
Appreciation of historic buildings comes in many forms: well-curated house museums; impressive civic spaces turned cultural hubs; highly-valued homes in historic districts; popular breweries in old warehouses and industrial spaces; grassroots campaigns to save endangered places; tax policy.
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.
The tax reform conference committee issued its report late Friday afternoon and the 20% HTC taken over five years was included, a provision that was introduced in an amendment by Sen. Bill Cassidy (R-LA) which reinstated the 20% rate from 10% as contained in the original version of the Senate bill.
A day late, but nonetheless what we expected. The House tax reform bill released this morning does, in fact, eliminate the historic tax credit.
In 1984, Ronald Reagan was outspoken in his support of the historic tax credit. Today, the historic tax credit is in jeopardy.
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.
News from Missouri, Michigan, Illinois, and Wisconsin.