Advocacy Alert: Urge Your Senators to Cosponsor the Historic Tax Credit Growth and Opportunity Act
Sen. Ben Cardin (D-MD), Sen. Bill Cassidy (R-LA), Sen. Maria Cantwell (D-WA), and Sen. Susan Collins (R-ME) introduced the Historic Tax Credit Growth and Opportunity Act, S. 2266, (HTC-GO) in the Senate. Like the House version (H.R. 2294), this bill includes several critical changes to the Historic Tax Credit aimed at expanding and enhancing the credit. The bill would bring more value to Historic Tax Credit projects, improve access, and encourage investment in smaller rehabilitation projects. The Senate version, however, does not include the temporary increase in the HTC from 20% to 30% included in the House bill. The Senate HTC-GO bill includes the following key provisions:
- 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
These provisions would bring relief to Historic Tax Credit projects that have been substantially impacted by the pandemic and related challenges, from a lack of financing options to increased cost of materials and severe labor shortages.
We need your help! It is critical that we demonstrate strong support for the HTC-GO as we look to take advantage of any potential legislative vehicles to move this legislation. If they haven't already, contact to your Senators and urge them to cosponsor the bipartisan Historic Tax Credit Growth and Opportunity Act (S. 2266) and ask them to reach out to leadership to include improvements to the Historic Tax Credit in year-end legislation. Check to see if your Senators have already cosponsored HTC-GO.
If you haven't already, we also encourage you to reach out to your Representative and urge them to cosponsor the HTC-GO Act (H.R. 2294) in the House.
