Advocacy Alert: Opportunity to Expand the Historic Tax Credit
Last month, the House Ways and Means Committee passed a key piece of infrastructure legislation, including provisions to expand the federal Historic Tax Credit (HTC). Despite strong support in the House, the Biden Administration is negotiating with the House and Senate to reduce the cost and scope of the bill – which means those proposed provisions for the HTC are at risk of reduction, if not total elimination.
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.
As negotiations continue in the Senate before returning to the House floor, 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.
Prepare Your Message:
- “Thank you for your previous support of the Historic Tax Credit. Provisions to enhance the Historic Tax Credit have been included in the House infrastructure budget 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!