Advocacy Alert: Urge Your Representative to Cosponsor the Historic Tax Credit Growth and Opportunity Act
Rep. Earl Blumenauer (D-OR), Rep. Darin LaHood (R-IL), Rep. Brian Higgins (D-NY), and Rep. Terri Sewell (D-AL) introduced the Historic Tax Credit Growth and Opportunity Act, H.R. 2294, (HTC-GO) in the U.S House. This bill includes several changes to expand and enhance the Historic Tax Credit including temporary provisions aimed at bringing relief to historic rehabilitation projects impacted by the COVID-19 pandemic. These provisions are needed now more than ever to help revitalize our communities and support our nation's economic recovery. The HTC-GO bill includes the following provisions:
- A temporary increase of the Historic Tax Credit from 20% to 30% through 2024, phasing back down to 20% by 2027
- Establishes a permanent 30% Historic Tax Credit for projects $2.5 million and less, making it easier to complete small projects
- Eliminates the HTC Basis Adjustment, bringing more value to HTCs and making it easier to pair with the Low-Income Housing Tax Credit
- Reduces the substantial rehabilitation threshold, making more buildings eligible to use the HTC
- Makes the credit easier to use by non-profits
Check to see if your Representative has already cosponsored HTC-GO.