The HTC-GO provisions include significant improvements and expanded use of Historic Tax Credits. As part of our nation’s infrastructure, historic building rehab improves communities, provides more jobs, and keeps money local/regional.
Contact your representatives and encourge support for this bi-partisan legislation.
https://support.savingplaces.org/page/34029/action/1?ea.tracking.id=redirect
S. 2266-Historic Tax Credit Growth and Opportunity Act of 2021 (HTC-GO)
Senate Legislation
HTC-GO, introduced by Sens. Cardin (D-MD), Cassidy (R-LA), Cantwell (D-WA) and Collins (R-ME), would make important changes to the Historic Tax Credit to encourage more building reuse and redevelopment in small, midsize, and rural communities. The legislation would not only make the credit easier to use and more historic properties eligible, it would also bring more value to the Historic Tax Credits. This bill combines the best ideas for improving and enhancing the federal Historic Tax Credit, including:
- Making it easier to do small deals (defined as qualified rehabilitation expenses of $2.5 million) by increasing the credit to 30% for these projects. The House bill (H.R. 2825) also allows the credits of these projects to be transferred through a certificate
- Making more buildings eligible by lowering the substantial rehabilitation test; Increasing the value of HTCs by eliminating the requirement of reducing the amount of the HTC from a
building’s basis (property’s value for tax purposes) - Making projects by non-profits like community health centers, local art centers, affordable housing and community services easier to accomplish