HTC Program

29-Nov-2017

 

The U.S. Senate is pressing forward with a tax bill. The process is VERY fluid and lots of options are being weighed to find additional revenue sources to pay for potential cuts. There is a move to eliminate the federal Historic Tax Credit (HTC), and we need every architect who has done an HTC project, attempted an HTC project or has witnessed a community benefit from an HTC project to contact Senators Shelby and Strange TODAY.

The federal Historic Tax Credit (HTC) is exactly the kind of market-based incentive we need to leverage private investment in our communities. Since its inception, the credit has rehabilitated more than 42,000 buildings, created nearly 2.5 million jobs, and leveraged over $131 billion in private investment nationwide. The HTC is also responsible for enhancing property values, encouraging additional reinvestment by adjacent owners, and augmenting tax revenue for federal, state and local governments. Best of all, for every dollar that goes out in tax credits, $1.25 is returned to the federal treasury in tax receipts generated solely by the rehabilitation projects, a degree of success that is largely unmatched by other federal programs

For the record, no one seems to be opposed to the HTC program. They are simply examining every possible avenue to pay for the corporate and personal tax reductions being proposed by President Trump.

Click here to review a report compiled by the Alabama Historical Commission in 2015 detailing Alabama's HTC program. As you recall, AIA joined forces with others in 2017 to help pass legislation that will restore Alabama's HTC program.

Please respond today.