Advocacy Alert! Help Save the Historic Tax Credit
The House Ways and Means Committee has eliminated the Federal Historic Tax Credit in its House tax reform bill. This program encourages private investment in the built environment, creates jobs, and benefits local communities across the nation by encouraging the rehabilitation of buildings. As the Preservation League of New York State notes, “In New York State between 2002-2016, Federal Historic Tax Credits have led to over $4 billion in private investment, generated almost $1 billion in local, state and federal taxes, and created over 52,000 jobs.”
For example, in Ithaca, owner Sunit “Lex” Chutintaranond rehabilitated a downtown Commons building using the state and federal historic tax credit programs to create Mia’s Restaurant, a banquet room, office space, and rental apartments. The project helped revitalize an anchor building, formerly the Plantations Building, at 130-132 The Commons.
Most recently, Avi Smith used the Federal Historic Tax Credit to reclaim the neglected Cowdrey mansion and transform the site into the Argos Inn. The project won the Preservation League of New York State’s Excellence in Preservation Award in May 2017. “The building has been given new life as a boutique hotel and gathering space,” noted the Preservation League, praising the effort for creating living-wage jobs for local artisans.
- We urge you to contact Congressman Tom Reed to let him know that you support the Historic Tax Credit Program.
- Click the following link from the National Trust for Historic Preservation to contact lawmakers and act now:
- Learn more about the Historic Tax Credit program here: