The House Ways and Means Committee released a proposed tax reform bill that eliminates the federal historic tax credit — a program with a four-decade track record of success in saving our nation’s historic buildings, creating over 2.4 million jobs, and actually generating revenue for the U.S. Treasury, returning $1.20 for every taxpayer dollar spent.
The tax reform bill, titled the Tax Cuts and Jobs Act, eliminates the Historic Tax Credit in section 3403 of the bill. While this was anticipated, it is still a huge blow to preservation efforts nationwide. Congressional leaders are pursuing an aggressive timeline to consider and pass tax reform before Thanksgiving. The Chairman of the House Ways and Means Committee, Kevin Brady (R-TX) aims to begin the bill’s markup by Monday, Nov. 6th.
Place Economics 38 Reasons to Keep the Federal Historic Tax Credit