In late June Speaker of the House Paul Ryan released a Republican blueprint for reforming the nation’s tax code. The Tax Reform Blueprint is meant to guide the House Ways and Means Committee in developing a comprehensive reform of the tax code in 2017.
The Blueprint proposes to lower corporate and individual tax rates, in part by eliminating certain credit and deduction programs. It would also move toward a consumption-based tax system and switch from a worldwide tax system to a territorial system—U.S. companies would not have to pay a U.S. tax on dividends from their foreign subsidiaries.
The Historic Tax Credit (HTC) program is not specifically retained in the Blueprint, which makes it the second major policy document to emerge from the House of Representatives in the past two years that would end the HTC program.
Advocates of the HTC program need to let members of Congress know that there is a broad constituency of preservationists, architects, developers, investors, and small business owners that strongly supports this critical preservation program.
One of the most effective ways for members of Congress to demonstrate their support of the program is by cosponsoring the Historic Tax Credit Improvement Act (S.2655 / H.R.3846). This bipartisan legislation proposes long-overdue changes that would make the HTC program more effective and better support revitalization efforts in our smaller, Main Street communities.
New Resources for Tax Credit Advocacy
| Capture of the new state-by-state maps available for advocates of the HTC.
The National Trust has assembled GIS mapping in all 50 states that lists every completed HTC rehabilitation project that received Part 3 certifications from the National Park
Service between 2002 and 2015. In addition to maps, this material includes economic data and project lists by state (with maps for selected congressional districts and cities coming soon).
Additionally, both the National Trust for Historic Preservation and the Historic Tax Credit Coalition have resources to help you make the case for the HTC to you representative of senator.
Urge your legislators to cosponsor the Historic Tax Credit Improvement Act and to protect this critical preservation program before tax writers put pen to paper on a comprehensive tax reform bill.
Shaw Sprague is the director for Government Relations and Policy at the National Trust for Historic Preservation.#Advocacy #RealEstate #FederalHistoricTaxCredit #Lobbying #historictaxcredit #congress #Economics