Senator Cassidy leads effort to save the HTC in the generational tax reform legislation
January 1, 2018When the GOP tax plan began to pick up steam, it appeared some of the smaller tax credits, like the federal historic tax credit (HTC), were doomed. In fact, in a speech Speaker Ryan gave early on in the H.R.1 debate, he used the HTC as an exemplary program to be eliminated from the tax code. Ultimately, with strong advocacy efforts in Washington, D.C. and around the country, the HTCC was able to save the HTC—the most significant federal investment in preservation and enormously important development tool.
As background, the House bill eliminated the HTC entirely, while the original Senate bill reinstated the credit to 10%. This was not the outcome we were hoping for, and our members worked to find a favorable solution. Throughout the debate on the legislation, Senator Bill Cassidy (R-LA) was a champion of our cause. He drafted an amendment that reinstated the 20% credit, paid over five years, which was included in the final conferenced legislation.
While Sen. Cassidy was instrumental in saving the HTC, we would be remiss to not thank certain lawmakers. that for a long time have championed efforts to preserve the HTC and who in the end worked alongside Cassidy to save the credit. To name a few, list that includes: Senators Isakson (R-GA), Grassley (R-IA), Roberts (R-KS), Scott (R-SC), Burr (R-NC), Portman (R-OH), Blunt (R-MO) Collins (R-ME), Cardin (D-MD), Casey (D-PA), Schumer (D-NY), and Brown (D-OH), Representatives McKinley (R-WV-01), Blum (R-IA-01), Westerman (R-AR-04), Sewell (D-AL-07), Kelly (R-PA-03), and Blumenauer (D-OR-03), and all cosponsors of the HTCIA legislation in the House and Senate.
As for next steps, we see a number of legislative opportunities in Congress and the Administration to enhance rulemaking and strengthen the credit in 2018.
As this year’s schedule begins to take form with the upcoming mid-term election period, the Coalition will pursue the appropriate strategy to ensure the HTC is well taken care of. If you would like to get involved and advocate in 2018, please reach out to Patrick Robertson.
Category: Tax Credit News
Senator Cassidy leads effort to save the HTC in the generational tax reform legislation
January 1, 2018When the GOP tax plan began to pick up steam, it appeared some of the smaller tax credits, like the federal historic tax credit (HTC), were doomed. In fact, in a speech Speaker Ryan gave early on in the H.R.1 debate, he used the HTC as an exemplary program to be eliminated from the tax code. Ultimately, with strong advocacy efforts in Washington, D.C. and around the country, the HTCC was able to save the HTC—the most significant federal investment in preservation and enormously important development tool.
As background, the House bill eliminated the HTC entirely, while the original Senate bill reinstated the credit to 10%. This was not the outcome we were hoping for, and our members worked to find a favorable solution. Throughout the debate on the legislation, Senator Bill Cassidy (R-LA) was a champion of our cause. He drafted an amendment that reinstated the 20% credit, paid over five years, which was included in the final conferenced legislation.
While Sen. Cassidy was instrumental in saving the HTC, we would be remiss to not thank certain lawmakers. that for a long time have championed efforts to preserve the HTC and who in the end worked alongside Cassidy to save the credit. To name a few, list that includes: Senators Isakson (R-GA), Grassley (R-IA), Roberts (R-KS), Scott (R-SC), Burr (R-NC), Portman (R-OH), Blunt (R-MO) Collins (R-ME), Cardin (D-MD), Casey (D-PA), Schumer (D-NY), and Brown (D-OH), Representatives McKinley (R-WV-01), Blum (R-IA-01), Westerman (R-AR-04), Sewell (D-AL-07), Kelly (R-PA-03), and Blumenauer (D-OR-03), and all cosponsors of the HTCIA legislation in the House and Senate.
As for next steps, we see a number of legislative opportunities in Congress and the Administration to enhance rulemaking and strengthen the credit in 2018.
As this year’s schedule begins to take form with the upcoming mid-term election period, the Coalition will pursue the appropriate strategy to ensure the HTC is well taken care of. If you would like to get involved and advocate in 2018, please reach out to Patrick Robertson.
Category: Tax Credit News