Bicameral, bipartisan legislation (S. 3058 and H.R. 6081) recently introduced by U.S. Sens. Bill Cassidy (R-LA) and Bill Cardin (D-MD) and U.S. Reps. Darin LaHood (R-IL) and Earl Blumenauer (D-OR) would strengthen the federal historic tax credit (HTC) and encourage historic rehabilitation projects in communities across the country.

Historic tax credits provide innovative financing for the revitalization of historic buildings – preserving culture and encouraging redevelopments in blighted areas – in the communities where they are located.

If passed, the Historic Tax Credit Enhancement Act of 2018 would reduce the administrative burden associated with the program and increase the value of the historic tax credit by eliminating the existing basis-adjustment requirement and preserving the 20 percent HTC that would be claimed over a five-year period. The bill ensures that historic projects receive the full benefit from the HTC and encourages the continuation of impactful historic rehabilitation projects across the nation.

“The federal historic tax credit, our strongest federal preservation incentive, has transformed tens of thousands of underused buildings for new and productive uses, created millions of good-paying jobs, and attracted more than $131 billion in private investment for cities and towns across America,” said Stephanie Meeks, president of the National Trust for Historic Preservation, in a statement. “This legislation will build on the many decades of success of the program and bring it into alignment with other, more recently-enacted tax incentives. It modernizes the credit while minimizing costs and maximizing economic impact for communities throughout the country.”

Enhanced Capital commends Cassidy, Cardin, LaHood and Blumenauer for their efforts to help improve the HTC and ensure the program will continue to transform communities and catalyze economic development.

“Preserving historic places is a key part of any livable community – contributing to our sense of place, while honoring the generations and cultures that came before us,” said Rep. Blumemauer, a member of the Ways & means Committee and co-chair of the Congressional Historic Preservation Caucus.

You can read more about the HTC legislation by clicking here.