I just thought everyone should know that the federal historic tax credits are in clear jeopardy of being repealed as part of the Trump administration’s approach to tax reform policy. Speaker of the House Paul Ryan’s “Better Way Blueprint,” which specifically repeals the historic tax credits is currently in the House Ways and Means committee for consideration.
If you are reading this blog, you are probably a supporter of the historic tax credit. As a refresher, here are just a few reminders of the positive aspects of historic tax credits many developers and neighborhoods stand to lose out on if the credits are eliminated under new tax policy:
- Historic preservation is key to urban revitalization and Cleveland is a prime example of that.
- It is a huge job creator; nationally it has created 2.3 million jobs.
- It improves the housing stock in much needed neighborhoods.
- It pays for itself. Of the 23.1 billion dollars in credits there have been 28.1 billion dollars in tax revenue created.
If you want to take up this call to action to protect the historic tax credit, the House Ways and Means committee is currently the author of the tax reform bill. There are 2 Ohioans on this committee, Pat Tiberi and Jim Renacci. Now is the time to reach out to them and tell them about specific projects that have been completed or are in the pipeline of which you are aware. Let them know the importance of saving historic buildings. Specifically ask them to support the Historic Tax Credit Improvement Bill (HTCIA). Their contact information is as follows:
Pat Tiberi – OH-2 – Whitney Daffner – firstname.lastname@example.org – (202) 225-5355 Jim Renacci – OH-16 – Randy Herndon – email@example.com – (202) 225-3876
If the historic tax credit is repealed in the Houses’ version of the tax reform bill, then the bill goes to the Senate finance committee for review and approval and there are two Ohioans on that committee as well, Rob Portman and Sherrod Brown. If you have a relationship, reach out to them.