As Congress weighs various proposals for tax reform, ACHP Chairman Milford Wayne Donaldson has asked the House Ways and Means Committee to consider the past success and future potential of the federal historic rehabilitation tax credit.
Since 1976, more than 41,000 projects throughout the U.S. have benefited from the tax credit, generating $78.3 billion in investment and creating nearly 2.4 million jobs. The credit also pays for itself, with the $23.1 billion cost of the program offset by the $28.1 billion in tax receipts generated by projects receiving the credit.
One tax reform plan under consideration in Congress calls for elimination of most special-interest deductions and credits. In his letter to the chairman and ranking member of the committee, Donaldson noted that the 20 percent historic tax credit does not support a specific industry or locality, but it encourages the renovation of underutilized commercial properties for a wide range of uses in communities throughout the country.