We need your help! Urge Congress to enact long over due changes to improve and modernize the Historic Tax Credit. Sen. Bill Cassidy (R-LA), Sen. Mark Warner (D-VA), Rep. Darin LaHood (R-IL), and Rep. Tom Suozzi (D-NY) just introduced the Historic Tax Credit Growth and Opportunity Act (H.R. 2941,  S.1459), which includes provisions that will restore value to the Historic Tax Credit (HTC), improve access to the credit, make more projects eligible to use the credit, and boost the credit for smaller and rural rehabilitation projects. The bill includes the following provisions:

• Returns to a 1-year delivery of Historic Tax Credits for all 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 from 100% to 50%, making more buildings eligible to use the HTC
• Modifies Tax Exempt Use Rules, making the credit easier to use by non-profits
• Increases the credit from 20% to 30% for small projects below $3.75 million
• Increases the credit from 20% to 30% for projects below $5 million in rural areas
• All small/rural projects are eligible for direct transfer

The federal HTC is the largest federal investment in historic preservation and a critical economic development tool used to revitalize our communities, create jobs, and preserve our heritage. Unfortunately, the HTC has not kept pace with other federal incentives and needs to be modernized. Additionally, over the past decade, HTCs have lost 25% of their investment value due to unfavorable IRS rulings, administrative burdens, and changes in the credit structure. The provisions in the HTC-GO Act would help restore the credit's lost value and make the credit easier to use.

The voice of preservation advocates will be absolutely essential to make the case for enhancing the HTC, ensuring it is included as part of moving tax legislation.

It is imperative that all members of Congress, both Representatives and Senators, hear from preservation advocates. With the consistent advocacy of the historic preservation community, we can ensure that critical improvements to the HTC are well-positioned to take advantage of any legislative opportunities.

Reach out to your members of Congress today and urge them to cosponsor the Historic Tax Credit Growth and Opportunity Act (H.R. 2941, S. 1459) and to include HTC provisions in moving tax legislation.