Senate passes tax legislation that includes Historic Tax Credit Program
As we all have heard, the Senate passed their tax reform legislation in the wee hours of Saturday morning, December 2. The bill included a provision that preserves the Historic Tax Credit (HTC) at the 20 percent level. The legislation did however change how the credit is claimed or released to the project. To comply with budget rules, the provision spreads out the release of the HTC over the five year compliance/recapture period (or 4% per year).
Now tax reform moves into conference between the House and Senate. Though the Senate preserved the program, the House's legislation eliminated the program. We need to continue to show, tell and demonstrate to Congress that the HTC is more than preserving historic buildings; it's jobs, it's revitalization, it's economic development, it's revenue positive and it has leveraged billions in private investment that but for the HTC, would not have happened.
Be sure to check out our Historic Tax Credit and Legislative Initiatives pages for more details and information on the HTC program in Massachusetts and how to contact your member of Congress.
For additional detailed information on the HTC see the links below: