Senators Collins and Cardin introduce Historic Tax Credit Improvement Act
April 1, 2016On March 9, Senators Susan Collins (R-ME) and Ben Cardin (D-MD) introduced bipartisan legislation that would make common-sense changes and enhancements to the federal Historic Tax Credit (HTC). First created by Congress in 1976, the HTC program has generated $117 billion in historic preservation activity to rehabilitate more than 41,250 historic properties, including the creation of over 525,000 housing units, of which approximately 150,000 are low and moderate-income units. A recent study by the National Trust for Historic Preservation estimates that every $1 of credits generates a minimum of $4 of private sector investment.
Since the HTC was permanently written into the Internal Revenue Code (IRC) in 1986, the program has seen few major legislative changes. S. 2655, the Historic Tax Credit Improvement Act (HTCIA), would seek to update the HTC by further encouraging small building reuse and redevelopment in Main Street towns and rural communities. It also makes the rehabilitation of nonprofit-sponsored community projects like theaters, libraries, and schools easier while maximizing the after tax value of state historic tax credits. Finally, the bill would make more historic properties eligible to use the credit by lowering the minimum rehabilitation requirement. .
In commenting on the bill, Senator Collins said, ” Our bipartisan legislation will make the Historic Tax Credit easier to use and expand its economic impact – spurring growth, development, and the creation of good-paying jobs for hardworking Americans.” Senator Cardin added, “We can create jobs by preserving the abundant history in Maryland and across America. Improving the Historic Tax Credit will save many historically significant buildings and homes nationwide while creating quality jobs, stimulating long-term economic growth and bringing life to forgotten neighborhoods.”
A similar version of legislation was introduced in the House of Representatives in October 2015 by Representatives Mike Kelly (R-PA) and Earl Blumenauer (D-OR). To date, the legislation, H.R.3846 — Historic Tax Credit Improvement Act of 2015, has 29 cosponsors (13 Republicans and 16 Democrats).
Category: Tax Credit News
Senators Collins and Cardin introduce Historic Tax Credit Improvement Act
April 1, 2016On March 9, Senators Susan Collins (R-ME) and Ben Cardin (D-MD) introduced bipartisan legislation that would make common-sense changes and enhancements to the federal Historic Tax Credit (HTC). First created by Congress in 1976, the HTC program has generated $117 billion in historic preservation activity to rehabilitate more than 41,250 historic properties, including the creation of over 525,000 housing units, of which approximately 150,000 are low and moderate-income units. A recent study by the National Trust for Historic Preservation estimates that every $1 of credits generates a minimum of $4 of private sector investment.
Since the HTC was permanently written into the Internal Revenue Code (IRC) in 1986, the program has seen few major legislative changes. S. 2655, the Historic Tax Credit Improvement Act (HTCIA), would seek to update the HTC by further encouraging small building reuse and redevelopment in Main Street towns and rural communities. It also makes the rehabilitation of nonprofit-sponsored community projects like theaters, libraries, and schools easier while maximizing the after tax value of state historic tax credits. Finally, the bill would make more historic properties eligible to use the credit by lowering the minimum rehabilitation requirement. .
In commenting on the bill, Senator Collins said, ” Our bipartisan legislation will make the Historic Tax Credit easier to use and expand its economic impact – spurring growth, development, and the creation of good-paying jobs for hardworking Americans.” Senator Cardin added, “We can create jobs by preserving the abundant history in Maryland and across America. Improving the Historic Tax Credit will save many historically significant buildings and homes nationwide while creating quality jobs, stimulating long-term economic growth and bringing life to forgotten neighborhoods.”
A similar version of legislation was introduced in the House of Representatives in October 2015 by Representatives Mike Kelly (R-PA) and Earl Blumenauer (D-OR). To date, the legislation, H.R.3846 — Historic Tax Credit Improvement Act of 2015, has 29 cosponsors (13 Republicans and 16 Democrats).
Category: Tax Credit News