Webinar – Proposed Tax Reform and the Federal Historic Preservation Tax Credit
Posted on June 14, 2017
With Congress preparing for comprehensive tax reform, there could be a battle to save the tax credit from repeal.
The Federal Historic Preservation Tax Credit is a critical tool and a proven driver for economic development, responsible for saving hundreds of historic buildings in Kentucky and thousands more nationwide.
Renee Kuhlman, Director of Policy Outreach and Government Relations, National Trust for Historic Preservation, and Rob Naylor, Program Manager, Preservation Action share the latest on comprehensive tax reform plans, how these changes could impact the Federal Historic Preservation Tax Credit Program, and how the proposed Historic Tax Credit Improvement Act (HTCIA) could help smaller projects and property owners in smaller “Main Street” communities.
The Federal Historic Preservation Tax Credit (HTC) is a critical tool and proven driver for economic development, responsible for saving hundreds of historic buildings in Kentucky, thousands more nationwide, and generating more than $500million in Kentucky development from 2001-2016.
The webinar discusses why the current Federal HTC is important to Kentucky and what you can to do ensure it isn’t eliminated under Congress’ proposed Tax Reform package.
The webinar also includes details on the proposed Historic Tax Credit Improvement Act (HTCIA), S425/HR1158, bipartisan legislation that proposes improvements to the current HTC to make it available to more users, smaller projects and more “Main Street” communities:
1. Creates 30% credit for deals under $2.5million with certified qualified rehabilitation expenditures (QRE) – current Federal HTC is 20%
2. Allows transfer of the HTC by certificate
3. Lowers the threshold to qualify from 100% of adjusted basis to 50% of adjusted basis
The current threat includes:
“A Better Way” tax reform – calls for “elimination of tax breaks for special interests,” which may include the HTC, although details are not yet available.
What you can do to help ensure the protection of the current HTC, and support for the proposed HTC Improvement Act to help smaller communities and smaller projects are also discussed in this webinar.
Ask Congress to protect the Federal Historic Tax Credit by signing the national letter of support here
Anyone concerned about the future of preservation, Kentucky’s economy, neighborhood revitalization, jobs and economic development should view this free webinar!
Did you know that historic preservation revitalizes neighborhoods and downtowns, puts people to work and keeps them in the workforce, puts vacant buildings back on the tax rolls, and generates income for community improvements?
*Federal incentives have generated billions in economic development, but hear where Congress stands on the proposed tax reform package.
*A Plan of Action to preserve the current Federal HTC and other programs is in place – hear how you can help ensure its preservation.
*The proposed “Historic Tax Credit Improvement Act” HTICA will help smaller projects and more “Main Street” communities. If passed, this bipartisan legislation, S425 and HR1158, could impact Kentucky communities and historic property owners with projects under $2.5million significantly.