Historic tax credits have successfully converted yesterday’s schools, factories, warehouses, hotels, and so many other distinctive places into modern hubs that fuel local economies, create jobs, and preserve our heritage. Examples of successful tax credit projects in our community and region include the Colonial Hotel apartment building and Dundee Bank in Blackstone, the Flats on Howard, and the Moon Block Building in Red Cloud which houses the National Willa Cather Center.
Members of the US Senate have just introduced legislation that will enhance the value of the Federal Historic Tax Credit and help ensure that historic rehabilitation continues unabated after changes were made to the program in the Tax Cuts and Jobs Act of 2017. Some of the proposed changes in the act include:
- Increasing the credit from 20% to 30% for projects with rehabilitation expenses of less than $2.5 million
- Making it easier to meet the substantial rehabilitation test
- Creating greater flexibility for nonprofit organizations to access historic tax credit benefits
You can support this legislation by urging your senators to co-sponsor the Historic Tax Credit Growth & Opportunity Act [S.2615]
If you wish to do so, follow the link below to submit your letter of support.
Thank you for your time and commitment to historic preservation!