The Federal Historic Tax credit at 20 percent is included in the tax reform package that has passed the House and Senate and is on its way to the President’s desk for signature. There is every reason to believe the President will sign this bill in the very near future.
This extraordinary success underscores the power of the credit and the broad support it has earned in the preservation community. Its inclusion in the most expansive overhaul of our nation’s tax code in more than three decades is a reaffirmation that reviving older and historic buildings is sound federal policy and good for the nation.
The final version of the Tax Cuts and Jobs Act (H.R. 1) passed by Congress keeps the historic tax credit at 20 percent but requires that the credit be taken over five years instead of all at once at the time of project completion. The legislation also repeals the 10 percent rehabilitation tax credit for non-historic buildings. While unable to maintain the status quo in all respects, this outcome reflects the widespread support for preserving our historic buildings from stakeholders across the country and bold leadership by several members of Congress who have long championed historic rehabilitation as a way to revitalize our communities.
All told, the results of the HTC campaign demonstrate the preservation community’s ability to effect positive policy change in the face of adversity. The preservation movement’s focused and effective advocacy ensured the HTC will continue to preserve our heritage and catalyze community revitalization for many years to come.
– Excerpt from a letter from Stephanie Meeks, President and CEO of the National Trust for Historic Preservation