Lawmakers Introduce the Historic Tax Credit Improvement Act
February 16, 2017On Thursday, February 16, the House and Senate versions of the Historic Tax Credit Improvement Act of 2017 were introduced.
The Historic Tax Credit Improvement Act (H.R.1158/S. 425) makes long overdue changes to the Historic Tax Credit (IRC § 47) to further encourage building reuse and redevelopment in small, midsize, and rural communities. It also makes the rehabilitation of community projects like theaters, libraries, and schools easier. Finally, the bill would make more historic properties eligible to use the credit by updating program requirements to reflect current industry practices. These reforms would be the first major changes to the Historic Tax Credit (HTC) since the Tax Reform Act of 1986.
Six senators joined in introducing S. 425, including Senators Ben Cardin (D-MD), Susan Collins (R-ME), Thad Cochran (R-MS), Kirsten Gillibrand (D-NY), Roger Wicker (R-MS) and Patrick Leahy (D-VT).
18 House lawmakers led by Rep. Mike Kelly (R-PA) and Rep. Earl Blumenauer (D-OR) also introduced their version of the legislation, H.R. 1158.
The Historic Tax Credit Coalition joins the historic preservation community in thanking these members of Congress for their continued support of the Historic Tax Credit and its positive impact on communities across the country.
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To view the text of S. 425 and cosponsors of the legislation, click here.
To view the text of H.R. 1158 and cosponsors of the legislation, click here.
For a general description of the legislation, click here:
Category: Tax Credit News
Lawmakers Introduce the Historic Tax Credit Improvement Act
February 16, 2017On Thursday, February 16, the House and Senate versions of the Historic Tax Credit Improvement Act of 2017 were introduced.
The Historic Tax Credit Improvement Act (H.R.1158/S. 425) makes long overdue changes to the Historic Tax Credit (IRC § 47) to further encourage building reuse and redevelopment in small, midsize, and rural communities. It also makes the rehabilitation of community projects like theaters, libraries, and schools easier. Finally, the bill would make more historic properties eligible to use the credit by updating program requirements to reflect current industry practices. These reforms would be the first major changes to the Historic Tax Credit (HTC) since the Tax Reform Act of 1986.
Six senators joined in introducing S. 425, including Senators Ben Cardin (D-MD), Susan Collins (R-ME), Thad Cochran (R-MS), Kirsten Gillibrand (D-NY), Roger Wicker (R-MS) and Patrick Leahy (D-VT).
18 House lawmakers led by Rep. Mike Kelly (R-PA) and Rep. Earl Blumenauer (D-OR) also introduced their version of the legislation, H.R. 1158.
The Historic Tax Credit Coalition joins the historic preservation community in thanking these members of Congress for their continued support of the Historic Tax Credit and its positive impact on communities across the country.
_______________________________________________________________________
To view the text of S. 425 and cosponsors of the legislation, click here.
To view the text of H.R. 1158 and cosponsors of the legislation, click here.
For a general description of the legislation, click here:
Category: Tax Credit News