The Historic Tax Credit Coalition (HTCC) and MacRostie Historic Advisors are asking that historic tax credit advocates take action TODAY to contact key representatives and voice their support for the federal historic tax credit program. As outlined in the letter below from John Leith-Tetrault, Public Policy Advisor for the National Trust Community Investment Corporation (NTCIC), the time is now to act as House Republicans begin meetings on December 14 to discuss their plan for comprehensive tax reform.
Instructions for how you can reach out and an outline for your support are explained below. Thank you for your support on this important action.
Dear HTCC Members,
This is the most important message I have ever sent to HTCC members since its inception in 2009. House Republicans are meeting next week to discuss their path forward on comprehensive tax reform, which will impact our industry’s collective bottom line in 2017.
The talk is over and the time for action is now.
Ways and Means Republicans are convening in a special meeting in Washington, D.C. on December 14-15 to try to achieve consensus on the broad parameters of tax reform. Tax staff will then finalize bill language. Intelligence we have tells us that the bill is likely to be a stripped down version of tax reform – similar to the Blue Print we have discussed – with many, if not all credits and deductions eliminated.
It isn’t hard to see that if the HTC is not in the bill, and with Senate action delayed until later in 2017, there may well be a period of industry uncertainty this spring that could negatively impact the HTC market and the timing of transactions coming out of predevelopment.
Here is what you can do, right now. There are 9 Republican Ways and Means co-sponsors of the Historic Tax Credit Improvement Act (HR 3846) listed below. In addition, we have had numerous contacts with 3 more Members, Jason Smith (MO-8), George Holding (NC-13) and Tom Rice (SC-7). If you have a project, office or client in any of these districts or states send an email to the tax staffer listed below for that Member to advocate for retention of the credit. Phone numbers are also provided. Please do so no later than Wednesday December 13.
Your message should be that you hope that your Member will speak up now for the retention and improvement of the HTC as part of a reformed tax code. Briefly outline your company’s connection to the district/state and mention at least one project that illustrates the importance of the HTC. Make it clear that “but for” the HTC, these projects cannot be done. If you have future projects that would not get done if the credit disappears, all the better. Don’t hesitate to reach out to me or Patrick for help in drafting your correspondence. Please copy Patrick Robertson at (Patrick.Robertson@fticonsulting.com) and me at (email@example.com) on your final email and any response you receive. If you make a phone call, send us a note about what you learn.
Thanks in advance for your prompt action to save the Historic Tax Credit.