Advocacy Alert: Ask Senate Members to Support Historic Tax Credit Provisions Now
October 28, 2021 | 1:47 pm
from Washington Trust
Though HTC provisions were included in the package of bills passed by the Ways and Means Committee in September, the Historic Tax Credit is not included in the new Build Back Better framework just released by the Biden Administration today. This framework will shape the next – and likely final – version of infrastructure legislation, which is why it is important to contact Senator Maria Cantwell and Senator Patty Murray ASAP to ask for Historic Tax Credit enhancement provisions to be inserted back into the final reconciliation bill.
Such provisions include:
Sec. 135301. Temporarily Increasing the HTC From 20% to 30% for all projects.
Sec. 135302. Permanent increase in the rehabilitation credit for small projects.
Sec. 135303. Modification of substantial rehabilitation definition.
Sec. 135304. Elimination of basis adjustment.
Sec. 135305. Modifications of tax-exempt use leasing rules.
Sec. 135306. Enabling HTC to be used for public school buildings.
Their elimination spells continued stagnation through and beyond the pandemic for the social and economic drivers of our Washington communities: brick-and-mortar businesses, diverse and affordable housing, and gathering spaces of historic, cultural, and social importance.
House votes could begin as early as today (Thursday, October 28), and Senate consideration could be finalized as soon as this week. We urge you to please join the Washington Trust for Historic Preservation in letting our senators know that EXPANDING THE HISTORIC TAX CREDIT WIDENS WASHINGTON STATE’S ROAD TO ECONOMIC AND SOCIAL RECOVERY.
Please take these easy steps below to let your voice be heard:
Step 1: Review. Review the House section by section breakdown of the bill (HTC Page 3 and 4) and consider how these provisions will help support specific revitalization in your community.
Step 2: Reach Out. Call or email Senator Cantwell and Senator Murray and ask for their “support of the Historic Tax Credit enhancement provisions to be included back in the final reconciliation bill for infrastructure legislation.”
Prepare Your Message:
- “Thank you for your previous support of the Historic Tax Credit. Though the HTC provisions were included in the Ways and Means bill in September, HTC provisions were not included in the recent White House framework of the reconciliation bill. Please include the HTC provisions back in the final reconciliation bill. These provisions are similar to the provisions of the Historic Tax Credit Growth and Opportunity Act (H.R. 2294/S. 2266), which would greatly benefit our community. Please continue to support and protect these provisions as the bill moves forward.”
- Explain how enacting these provisions would benefit your community. You can also refer to a list of successful HTC projects in Washington to emphasize how the HTC really hits home!
- Feel free to share the bill’s Section-by-Section Breakdown (HTC provisions on Pages 3 and 4) or copy and paste the HTC provisions in your message.
Step 3: Forward This Message. Share your experience with other HTC advocates and encourage further outreach! Be sure to use #HistoricTaxCredit and #PreserveWA when posting on social media.
TAKE ACTION TODAY!