A new report from the National Park Service and Rutgers University’s Center for Urban Policy Research, shows the continued economic impact of the Historic Tax Credit (HTC). According to the "Annual Report on the Economic Impact of the Federal Historic Tax Credits for Fiscal Year 2020" the HTC contributed $13.8 billion in economic output, added $7 billion in GDP, and created 122,000 jobs in fiscal year 2020. Additionally, the HTC generated $1.8 billion in federal, state, and local tax revenue.
The report also highlights the significant economic impact the HTC has in smaller communities and the neediest communities. According to the report, 29% of HTC projects were in communities with less than 50,000 people, 51% of projects were located in low and moderate income areas, and 75% of projects were in economically distressed areas.
Overall the HTC continues to demonstrate a substantial economic benefit, all while preserving our historic resources and generating more in tax revenue than the cost of the program. Since inception, the HTC has contributed $391.5 billion in economic output and created 2,908,000 jobs. The HTC could have an even greater impact if enhancements to the program, as proposed by the Historic Tax Credit Growth and Opportunity Act (H.R. 2294, S. 2266), are enacted. These changes are being considered as part of the Build Back Better Act, but legislation is currently stalled in the Senate. Learn more and find out how you can take action.
Take Action: https://preservationaction.org/advocacy-alert-htc
Unless noted, the thoughts and opinions expressed in the article are solely that of the
author and not necessarily the opinion of the editors of PreservationDirectory.com.
|
|