Sending Office: Honorable Earl Blumenauer
Sent By:
Jon.Bosworth@mail.house.gov

Dear Colleague:

Please join us as a cosponsor of H.R. 2825, the Historic Tax Credit Growth and Opportunity (HTC-GO) Act of 2019. This legislation builds off of the success of the Historic Tax Credit by making improvements to increase the value and attractiveness of the
credit for smaller rehabilitation projects. These changes represent long overdue updates to the HTC that will make it more accessible, affordable, and efficient for projects of all sizes by:

  • Making it easier to finance small historic rehabilitation deals (defined as qualified rehabilitation expenses not in excess of $3.75 million) by increasing the credit to 30% and providing for transferable certificates;
  • Making more buildings eligible for the HTC by reducing the requirements to pass the substantial rehabilitation test;
  • Eliminating the tax credit basis reduction that decreases the value of the HTC; and
  • Improving the ability of tax-exempt projects, like community health centers, local art centers, schools, universities, and community services, to qualify for HTCs.

Since its inception in 1976, the Historic Tax Credit (HTC) program has incentivized private sector investment in the rehabilitation and reuse of historic buildings. The program provides a 20% tax credit for the rehabilitation of historic, income-producing
buildings that are determined by the Secretary of the Interior to be “certified historic structures” after nomination by the State Historic Preservation Officer. The credit has attracted more than $130 billion in private capital, created more than 2.4 million
jobs, and rehabilitated more than 44,000 buildings.

Historic Tax Credit projects are unique in that they revitalize communities, spur economic growth, and actually return more money to the Treasury than the cost of the credit—$1.20 in tax revenue for every dollar invested. These projects rely heavily on local
skilled labor, are more sustainable than new construction, and contribute to a sense of place that is at the heart of any livable community. By enhancing the existing credit, the Historic Tax Credit Growth and Opportunity Act will allow for more stories to
be told in communities large and small across America.

To sign-on as a cosponsor, please contact
Jon.Bosworth@mail.house.gov
in my office.

Sincerely,

 

Earl Blumenauer Mike Kelly
Member of Congress Member of Congress
Terri Sewell Darin LaHood
Member of Congress Member of Congress
Related Legislative Issues
Selected legislative information: Finance, Taxes
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