From Preservation Action:

Last month the Senate Finance Committee held a hearing on "Tax Tools for Local Economic Development" where the committee heard from panel on several community tax incentives including the Historic Tax Credit, New Market Tax Credit, Low Income Housing Tax Credit and others. The hearing comes as momentum is building for a potentially large tax package toward the end of year or early in the new Congress that could include enhancements to several community tax incentives. The hearing helped provide a glimpse into those congressional negotiations. 

During the hearing several Senators cited the success of the Historic Tax Credit, including Chairman Ron Wyden (D-OR), and Ranking Member Mike Crapo (R-ID). Michael Novogradac, managing partner at Novogradac, testified at the hearing. In his remarks he discussed the impact and benefits of the HTC along with other tax incentives. He also highlighted the challenges facing the HTC, that has led to a more than 20% decrease in value, and how changes included in the Historic Tax Credit Growth and Opportunity Act (S. 689, H.R 1785). ) would modernize and enhance the credit, and help restore some of that lost value. Sen. Bill Cassidy (R-LA), who has long been a strong champion of historic preservation, also spoke in support of the HTC and impact the credit has had in restoring buildings that were once considered eye sores into community assets.

Overall, the HTC received strong, bipartisan support from Committee members and panelists, many citing the HTC-GO Act as positive and impactful legislation. This is good news as we continue to advocate for for much needed changes and enhancements to the the HTC. Preservation Action sent a letter in April to the House Ways and Means Committee urging support for the provisions included in the HTC-GO Act as part of any future tax legislation.

We need your help to ensure the HTC-GO Act is well positioned as congressional negotiations on a tax package ramp up. If your Representative or Senators haven't already signed on as a co-sponsor to the HTC-GO Act, urge them to co-sponsor this important bill today!

Take Action: https://preservationaction.org/htc-go-alert