The tax reform proposal by the House Ways and Means Committee would eliminate the Historic Tax Credit. The Statler was a local project that benefited from the credit (Photo courtesy Hilton Hotels)
A plan to eliminate the Historic Tax Credit by the House Ways and Means Committee as part of its proposed tax reform bill will likely stymie efforts to continue preservation projects large and small, advocates said this week.
The committee’s vote to eliminate the HTC is part of an effort to simplify the tax code and pay for other tax cuts, ranking committee members said.
“While not unexpected, this policy proposal deals a significant blow to historic preservation,” the National Trust for Historic Preservation said.
The credit was passed in 1976 and had a fan in a Ronald Reagan. It was designed to encourage private investment in historical buildings. The National Trust says that more than 42,000 projects have been completed thanks to the HTC. (more…)
