As Congress is poised once again to debate tax reform, the latest plans would eliminate entirely the federal Historic Tax Credit.
The recently unveiled Unified Framework for Fixing our Broken Tax Code is a startling blow to preservationists around the nation as it would entirely eliminate the federal Historic Tax Credit which is used to incentivize the rehabilitation of historic buildings. The credit has been a critical tool to close the gap in financing transformative rehabilitation projects.
In Maryland, a total of 505 federal historic tax credits projects have been certified by the National Park Service between FY 2002 through 2016, resulting in over $2 billion in total investment in Maryland’s historic communities. In turn, these restored buildings increase local property tax revenue which supports better roads, schools and healthcare. Without this credit, scores of buildings would languish and would be unlikely to be redeveloped.
Preservation Maryland has signed on to a September 2017 letter to Congress along with nearly 1,500 allied preservation and revitalization organizations in support of the federal Historic Tax Credit.
Here’s how you can help:
Maryland Historic Tax Credit Facts