Blumenauer Introduces Legislation to Improve the Federal Historic Tax Credit
May 20, 2019
Rep. Earl Blumenauer (D-OR), co-chair of the Historic Preservation Caucus, introduced H.R. 2825, the Historic Tax Credit Growth and Opportunity Act, which improves and enhances the federal Historic Tax Credit (HTC).
“Urban and rural communities that recognize their history are more vibrant and connected to their past,” said Rep. Blumenauer. “The Historic Tax Credit creates local jobs, increases private investment and preserves thousands of buildings that celebrate and inform our heritage and sense of place. I look forward to enacting long overdue updates to the Historic Tax Credit to make it more accessible, affordable and efficient.”
Since its inception, the Historic Tax Credit has attracted $131 billion in private capital, creating more than 2.4 million jobs, and rehabilitating more than 43,000 buildings. More than 40% of the projects completed over the last 15 years are located in communities with populations of less than 25,000.
The Historic Tax Credit Growth and Opportunity Act builds on the success of the existing credit by positively updating the credit for the first time in more than 30 years. The legislation improves the credit for smaller deals (where qualified rehabilitation expenses are not more than $3.75 million) by increasing the credit to 30% from 20% for these projects. It also makes more buildings eligible for the Historic Tax Credit and eliminates the credit’s basis adjustment. This legislation combines prior work in the 115th Congress from Reps. Mike Kelly and Earl Blumenauer (H.R. 1158) and Reps. Darin LaHood and Earl Blumenauer (H.R. 6081).