After months of nationwide advocacy focused on saving the Federal Historic Tax Credit, preservationists rejoiced late Friday evening to learn that the credit was retained in the final iteration of the bill.
The preservation community worked diligently to assure the Credit would be retained in the final bill – a final outcome that was not certain given the elimination of the credit in the initial House version of legislation.
Ultimately, the conference committee moved to retain the Credit, while making several changes, including a new five-year vesting period which is likely to increase the transactional costs of completing rehabilitation projects. The new legislation also eliminates a rarely used 10% credit for non-historic structures pre-dating 1936. Despite these changes, the retention of the credit is a major achievement for the nationwide preservation community and advocates here in Maryland.
Sen. Cardin at the Phillips Packing Plant historic tax credit project, 2017.
Nicholas Redding, Executive Director of Preservation Maryland explained, “This is a major victory for community development and preservation advocates around the nation – and especially here in Maryland. Our work is far from complete, but saving this credit will have a lasting and real impact across our state.”
nationwide advocacy efforts save the credit
Alongside many other organizations, Preservation Maryland worked tirelessly since tax reform began in earnest earlier this fall on a wide variety of advocacy activities aimed at saving the credit. To date, Preservation Maryland’s work has included:
- Providing senate offices detailed information on the impact of the program in Maryland;
- Hosting a nationwide telephone town hall;
- Generating local resolutions of support;
- Authoring Op-Ed pieces;
- Hosting forums and press events;
- Generating thousands of calls and emails to congressional offices in support of the program via our online advocacy platforms.
All of this activity came at a big cost – and our Advocacy Action Fund has been tapped to make this extraordinary effort possible. Supporters of this work are encourages to make a donation today to replenish the Fund and to help support our upcoming work in the Maryland General Assembly.