This is not a drill! Last week the Republican Congressional leadership and the Administration released the Tax Reform Framework, which did NOT include the federal historic tax credit.
The tax reform outline does, however, explicitly preserve business credits in two areas where leaders believe tax incentives have proven effective: research and development (R&D) and low-income housing. This suggests there is an opportunity for action.
It’s remarkable how the historic tax credit has positively impacted community economies across Massachusetts. Between 2002 and 2016 the historic tax credit has leveraged nearly $4.1 billion in development, created over 47,000 jobs and brought in over $839 million in local, state and federal taxes, while being revenue positive.
While the tax framework envisions repeal of all other business credits, including the historic tax credit, the outline gives discretion to the tax writing committees to decide to retain additional business credits to the extent budget limitations allow.
THE TIME TO ACT IS NOW!
The House Ways & Means Committee plans to produce a tax reform bill by the end of October and in the next three weeks it is imperative that you make your VOICE heard NOW!
Action Steps: Write, Call, Repeat
Write an Email: The easiest way is to write you Congressman and Senator using this form letter. Cut and paste it into an email and forward it to their email address which you can find in the link, below. Tell them the historic tax credit is important to your community and our state. If you have witnessed a preservation project in your community, tell them about it. The National Trust for Historic Preservation has good studies and statistics you can look at as well, but an example you know about is most powerful.
Acknowledge that the need for tax reform is clear, but it must not come at the expense of this important economic redevelopment incentive, that more than pays for itself, and has a proven track record of creating jobs, revitalizing neighborhoods and saving historic buildings.
To find your Representative and Senator's contact information click here.
Call: Use your voice! Pick up the phone and call your congressman’s office and tell them why you support the historic tax credit. Tell them to remember you and your communities when they consider any tax reform. As a constituent your voice is important to your representative!
Repeat: Have you emailed and called? Do it again. If you haven’t heard back from your congressman’s office within a few days, call and email again.
Encourage your colleagues and fellow community members to do the same; write, call, repeat. The more voices we have telling congress just how impactful the historic tax credit is the better chance we have of getting included in tax reform.
Please share your efforts with us and know that we are truly thankful for your efforts on behalf of the historic tax credit. If you have any questions or concerns please contact our office.
Preservation Massachusetts & Boston Preservation Alliance
HTC Politico Article
Historic Tax Credit Fact Sheet
MA Historic Tax Credit Projects and Impact 2002 - 2015
Historic Tax Credit Coalition