Historic Tax Credits
Today, the Federal Historic Tax Credit (HTC) is at risk as never before. The nation’s fiscal crisis is forcing an examination of all government expenditures and sources of revenue, including tax expenditures such as tax credits and deductions. Members of Congress have proposed eliminating the HTC and other tax preferences to balance the budget.
The National Trust, in collaboration with the Historic Tax Credit Coalition, has launched in a multi-year national initiative to defend, preserve, and enhance the federal historic tax credit. The centerpiece of this campaign is the Creating American Prosperity through Preservation (CAPP) Act (H.R. 2479 & S. 2074), which would not only preserve this important credit, but also increase its ability to revitalize smaller Main Street projects and catalyze energy-efficient projects.
Research also shows that state historic tax credit programs leverage the use of the federal credit. Take Missouri, for example. When the state tax credit was introduced, the number of federal rehabilitation projects doubled. Like the federal credit, several of these programs are threatened as well. (Learn more about state tax credits.)
- Sign our Historic Tax Credit pledge to bring jobs, economic development, and pride to communities nationwide.
- The historic rehabilitation tax credit (HTC) is the most significant federal financial commitment to historic preservation.
- The HTC more than pays for itself: The cost of the credit has been $19.2 billion and it has generated $24.4 billion in federal taxes.
- The Creating American Prosperity through Preservation (CAPP) Act proposes strategic adjustments to the HTC that would enhance the credit's economic and sustainability benefits.
- The HTC is a proven job-creating, community-revitalizing investment in sustainable communities.
- Over the last 32 years, the program has revived 38,000 vacant or underutilized buildings, created 2.2 million jobs, and attracted nearly $100 billion in private investment.
- It has been called the largest community revitalization program in the county.
- Historic preservation is more labor-intensive than new construction, and is proven to create more, better-paying jobs.
- For example: Repairing existing residential buildings produces about 50 percent more jobs than building new ones.
- Additionally, developers of historic buildings often buy local and hire local. More than 75 percent of the economic benefits of historic rehabilitation remain in the local economies.
- As a nation, we want to live and work in places that reflect the stories that define our heritage. The historic tax credit makes saving those places possible.
- This tax credit protects some of the nation’s most iconic buildings, defining our heritage and sense of community.
As Congress begins to seriously consider tax reform, the federal historic tax credit is at great risk. Ask your Representative and Senators to support the federal historic tax credit by cosponsoring the CAPP Act today.
These resources help advocates make the case to protect and enhance the historic tax credit. They can be distributed to elected officials, educating them on the significant impact of the HTC in their communities and across the country.
- NEW! Highlights: Fourth Annual Rutgers Report on the Economic Impact of the Federal Historic Tax Credit
- State Briefs: Key Federal Investments in Historic Preservation
- CAPP Act Fact Sheet
- The Third Annual Report on the Economic Impact of the Federal Historic Tax Credit
- Historic Tax Credit Project Maps and Project Lists
- Historic Tax Credit Polling Findings 2012 (Summary)
- Historic Tax Credit Polling Findings 2012 (Charts/Graphs)
- Historic Tax Credit Talking Points
Historic Tax Credit Endorsements
Information about the Federal HTC and the CAPP Act
Learn more about the impacts of the federal Historic Tax Credit and how the CAPP Act would enhance the current credit’s ability to revitalize smaller Main Street projects and catalyze energy-efficient projects.