Tell your legislators to support the historic tax credit.
Each year, historic tax credits are responsible not only for the rehabilitation of significant buildings and the revitalization of communities, but they generate enormous amounts of private investment and create jobs.
As legislators debate how to cut federal spending, or to explore “tax reform,” by eliminating business tax credits, preservationists must continue to advocate for this essential tool.
The truth is, the tax credit more than pays for itself. In fact, it ends up generating more tax revenue than it costs. So cutting it would be a net loss in federal tax revenue. Exactly what the economy does not need right now.
Lobbying for Historic Tax Credits
Who to Talk to:
Every member of Congress but most importantly members of the House Ways and Means Committee and its Subcommittee on Select Revenue Measures, and the Senate Finance Committee.
What to Request:
For Ways and Means or Finance Committee Members, ask the Representatives and Senators at right to support the historic tax credit through any attempts at comprehensive tax reform.
The Federal Rehabilitation Tax Credit not only enables the protection and re-use of our historic buildings, but it is a huge job generator and economic development engine. In 2011 the program created over 55,000 jobs and leveraged over $4 billion in private investment.
The tax credit currently generates more revenue than it costs – meaning a reduction in the program would be a net loss of revenue to the American people.
The tax credit is a reliable investment with a recapture rate of only 3/4 of one percent. In other words, more than 99% of tax credit projects are successful, and do not result in the “recapture” of the credit for the investor’s inability to hold the project for at least five years.
Since 1976, with over 38,000 projects and $62 billion in private investment, the historic tax credit is the single largest federal program specifically supporting historic preservation.
Identify a tax credit project (if applicable) in your district that has had a positive economic impact on your community.