The Preservation League of New York State provided the following update about the federal Historic Tax Credit:
As you probably know, in the early hours of December 2nd, the United States Senate passed the Tax Cuts and Jobs Act by a narrow margin of 51-49.
Unlike the House version of the Tax Cuts and Jobs Act, H.R. 1, which would eliminate the 20% Federal Historic Tax Credit — the Senate version retains the 20% credit, but includes a provision that the credit be claimed over a period of five years. We appreciate the Senate’s action to maintain the Federal Historic Tax Credit.
Senators Schumer and Gillibran
According to National Park Service data, during the 2016 fiscal year New York State led the nation in investment incentivized by the federal Historic Tax Credit, with over $831 million in that year alone. In 2016, the Historic Tax Credit created almost 14,000 jobs in New York State, where we again led the country in Historic Tax Credit job creation. Projects completed as part of the Historic Tax Credit program also generated over $242 million in local, state, and federal taxes. These investments reflect projects in every corner of our state.
What can you do?
Southern Tier House Representative Tom Reed is on the Ways and Means Committee so has refrained from joining sign-on letters. He was quoted in the Buffalo News as supporting inclusion of the Historic Tax Credit. Please thank him for supporting including the Historic Tax Credit in bill reconciliation and make sure to note that we hope the Senate’s proposal for the 20% phased over five years is what is included. This came from an amendment, as the original Senate bill had the tax credit reduced to 10%.
For more information, consult the Preservation League blog. This Preservation League website page is regularly updated with links to blog posts as tax reform bills move through committee and Congress.