An overview of what the findings show.
At 95 years old, William “Bill” Murtagh, a founding father of the modern historic preservation movement in America, passed away on October 28. Our profession owes a great deal to Murtagh’s scholarship and leadership in the formation of current principles that guide many aspects of preserving our nation’s historic resources, including the process of review for historic tax credits.
The National Park Service and Rutgers University have released the Annual Report on the Economic Impact of Historic Tax Credits for FY 2017. Once again, the findings show the strength of the federal historic tax credit program in stimulating investment and communities and job creation.
The newly introduced legislation eliminates this requirement, enhancing the credit after uncertainty about investment potential with the change of terms in last year's new tax reform law that required the credit be taken over five years.
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.
This week’s edition of The Economist magazine has an informative article about urban revitalization in St. Louis. In a city with a turbulent history of racial segregation and housing discrimination, and one The Economist calls “one of the country’s most troubled,” the article describes signs of hope in the form of Millennial in-migration and successful educational efforts in the city’s most challenged neighborhoods. At the heart of these trends the article highlights a public/private innovation district named Cortex Innovation Community being developed—and thriving—in a formerly abandoned industrial area between Washington and St. Louis Universities.