Senators Bill Cassidy (R-LA), Ben Cardin (D-MD), Susan Collins (R-ME), and Maria Cantwell (D-WA) have introduced the Senate version of the Historic Tax Credit Growth and Opportunity Act (S. 2615, H.R 2825). Similar to the House version of the HTC-GO Act, the Senate legislation would bring more value to Historic Tax Credit projects, improve access to the credit, and encourage investment in smaller rehabilitation projects.
The HTC Growth and Opportunity Act would eliminate the tax credit basis adjustment, which decreases the value of the HTC. This change would make the HTC more in line with the other tax credit programs and help restore some of the value lost by changes made during tax reform. Additionally, the bill would increase the credit from 20% to 30% for projects under $2.5 million. This would make the credit more appealing and improve access for smaller projects. The House version of the bill is up to 50 cosponsors.
Urge your Senators to cosponsor the Historic Tax Credit Growth and Opportunity Act (S. 2615) today!
If you have a personal contact in your Senator’s Washington D.C or District office, contact that person directly.
Ask them to cosponsor the Historic Tax Credit Growth and Opportunity Act, S. 2615, introduced by Senators Cassidy, Cardin, Collins and Cantwell. Or you can call the Capitol Switchboard at 202-225-3121 and ask to be connected to your Senator’s DC office.
* Article originally published on PreservationAction.org