Why We Need the Historic Tax Credit
For more than 35 years, the historic tax credit has helped convert nearly 40,000 historic buildings into new uses, making them important sources of tax revenue, job creation, and neighborhood revitalization.
In some places, it has helped reinvent a vacant snack food factory as a world class contemporary art museum. In others, it has given a shuttered school new life as senior housing, and remade an abandoned brewery into a social services center for the disabled and disadvantaged. Through these community-enriching projects, the federal historic tax credit is improving the lives of Americans in significant ways.
Now the federal historic tax credit is facing an unprecedented threat. The U.S. House of Representatives’ tax writing committee is considering repeal of the HTC as part of a broader proposal to comprehensively reform the tax code and we need your help to protect it.
Here are the five top reasons to support the historic tax credit:
1. It creates jobs.
Because historic preservation is more labor intensive than new construction, it is proven to create more and better-paying jobs. In fact, the historic tax credit has created more than 2.4 million jobs since its inception.
2. It's good for communities.
Americans want to live, work, and visit authentic communities that reflect the area’s unique history and character. The historic tax credit makes saving and restoring those places financially feasible.
3. It's good for the local economy.
More than 75 percent of the economic benefits of historic rehabilitation remain in the local economies. This is because developers of historic buildings buy local and hire local.
4. It's good for the environment.
Historic rehabilitation, by definition, focuses on existing buildings in existing communities, meaning that green space and farmland are unharmed. These places tend to be dense, walk-able communities that are close to public transit, schools and jobs.
5. It's a smart investment.
Over the life of the program, the federal historic tax credit has helped generate more than $26.6 billion in federal taxes, while only costing the Treasury $21 billion.
See the Historic Tax Credit in Action
Want to see more incredible transformations made possible with the historic tax credit? Check out our Flickr slideshow to see successful projects from around the country.
For more ways to get involved in our effort to keep the historic tax credit strong in your community, please visit www.SaveHistoricCredit.org.