New Research Confirms Historic Tax Credit’s Nationwide Economic Impact
National Trust for Historic Preservation Urges Congress to Protect Threatened Program during Tax Reform Initiatives
Posted July 31, 2013 | Contact email@example.com or 202-588-6141
New research released today shows that a federal program facing elimination by Congress has a profound positive impact on our nation’s economy while more than paying for itself.
Produced by Rutgers University and the National Park Service, the Annual Report on the Economic Impact of the Federal Historic Tax Credit for FY 2012 revealed that the federal historic tax credit (HTC) has created 2.3 million jobs, attracted $106 billion in private investment and restored 38,700 historic buildings since its inception more than 35 years ago. In addition, the report reflects that the HTC yields a net benefit to the U.S. Treasury: it has helped generate nearly $26 billion in federal taxes while costing only $20.5 billion in credits allocated.
This research demonstrates the significant and cost-effective economic benefit of reusing vacant hotels, schools, factories and other forgotten historic resources. Developers repeatedly affirm that these rehabilitation projects simply would not be possible without the incentive of the HTC.
“From a geodesic-domed office building in Ohio, to a historic theater in New Orleans, this report offers abundant proof that historic tax credit projects protect the places that make a community special, while fueling the economy and creating good jobs,” said Tom Cassidy, vice president of government relations and policy at the National Trust for Historic Preservation. “For lawmakers taking up tax reform, you simply cannot find fault with the federal historic tax credit.”
Despite the HTC’s winning combination of results and cost-effectiveness, the Senate Finance Committee has vowed sweeping reform of the tax code, and no program is safe. The National Trust for Historic Preservation is joining with its industry partner, the Historic Tax Credit Coalition, and other national, state and local preservation groups to help raise awareness of the importance of the historic tax credit to America’s economy and quality of life. The full report text may be found at http://ntcicfunds.com/rutgers/.
About the Historic Tax Credit Coalition
The Historic Tax Credit Coalition is a group of historic tax credit industry representatives who have come together to help develop a consensus on ways to modernize the federal Historic Tax Credit. http://historiccredit.com/