LaHood, Blumenauer, Kelly, and Sewell Introduce Legislation to Improve the Federal Historic Tax Credit
Washington D.C. – Reps. Darin LaHood (R-IL), Earl Blumenauer (D-OR), along with Mike Kelly (R-PA) and Terri Sewell (D-AL) introduced the Historic Tax Credit Growth and Opportunity Act, which improves and enhances the federal Historic Tax Credit (HTC).
“In central and west-central Illinois, we have a rich and unique history that includes many historic buildings and landmarks,” stated Rep. LaHood. “The Historic Tax Credit has played a critical role in preserving heritage in the State of Illinois and spurring economic growth in our rural communities. Strengthening this tax credit will expand economic development in Illinois and allow for more historic preservation projects to move forward. I am proud to join this bipartisan effort group in this commonsense effort to expand historic preservation across the country.”
“Urban and rural communities that respect their historic roots are more vibrant and connected to their past,” said Rep. Blumenauer. “The Historic Tax Credit creates local jobs, increases private investment and preserves thousands of buildings that celebrate and inform our heritage and sense of place. This bill makes long overdue updates to the Historic Tax Credit that will make it more accessible, affordable and efficient.”
“The Historic Tax Credit is a vital part of the tax code that helps both rural and urban communities,” said Rep. Kelly. “Western Pennsylvania’s countless cities and towns, some that even that predate our nation’s founding, benefit greatly from this credit, which encourages private investment in historic building preservation. Monuments to our past keep us connected to those who came before us and investing in them bolsters our economy by creating jobs. This bill modernizes the credit to ensure it is more available to the communities who need it most!”
“National treasures in Alabama’s 7th District tell the story of our nation’s fight for freedom and equality in the face of injustice,” Rep. Sewell said. “Not only are our historic sites important for history’s sake, they are also a source of sustainable economic growth that have brought jobs and investment to local communities. The Historic Tax Credit Growth and Opportunity Act will help preserve these historic sites and increase economic opportunity in my district.”
“The Historic Tax Credit is critical to community revitalization and preservation initiatives throughout Illinois,” said Bonnie McDonald, President & CEO of Landmarks Illinois. “The legislation Congressman LaHood has sponsored increases the value of the Historic Tax Credit and encourages greater reinvestment in smaller, main-street scale projects.”
Since its inception, the Historic Tax Credit has attracted $131 billion in private capital, creating more than 2.4 million jobs, and rehabilitating more than 43,000 buildings. More than 40% of the projects completed over the last 15 years are located in communities with populations of less than 25,000.
The Historic Tax Credit Growth and Opportunity (HTC-GO) Act builds on the success of the existing credit by positively updating the credit for the first time in more than 30 years. The legislation improves the credit for smaller deals (where qualified rehabilitation expenses are not more than $2.5 million) by increasing the credit to 30% from 20% for these projects. It also makes more buildings eligible for the Historic Tax Credit and eliminates the credit’s basis adjustment. This legislation combines prior work in the 115thCongress from Reps. Mike Kelly and Earl Blumenauer (H.R. 1158) and Reps. Darin LaHood and Earl Blumenauer (H.R. 6081)