On Wednesday, June 13, 2018, NTCIC participated in a bipartisan Historic Tax Credit (HTC) Lobby Day hosted by the Historic Tax Credit Coalition.
Mike Phillips, NTCIC Public Policy Manager, spearheaded lobby day scheduling and logistics including the briefing for advocates as they prepared for Capitol Hill. Mike was also joined by NTCIC’s Amanda Bloomberg, Matt Prickett, and William Fiederlein. NTCIC’s four members joined 25 HTC advocates from across the country to continue identifying the value of the HTC and educate their congressional audience about the Historic Tax Credit Enhancement Act of 2018 (H.R. 6081 and S. 3058).
This legislation, introduced on the same day, will eliminate the basis adjustment requirement for HTC transactions. Eliminating the basis adjustment will also bring the HTC into line with the Low-Income Housing Tax Credit, which also does not require a basis adjustment. The provision will enhance the value of the HTC while still preserving the vast majority of the savings achieved by the Tax Cut and Jobs Act.
Sponsors of the bill include HTC champions Senator Bill Cassidy, M.D. (R-LA), Senator Ben Cardin (D-MD), and Senator Susan Collins (R-ME) along with Representative Darin LaHood (R-IL), Representative Earl Blumenauer (D-OR) and Representative Mike Kelly (R-PA).
In total, HTCC Lobby Day advocates connected with 41 offices representing Alabama, Arkansas, Florida, Georgia, Iowa, Kentucky, Louisiana, Minnesota, New York, North Carolina, Ohio, Oklahoma, South Carolina, Virginia, and Wisconsin.
Support for the legislation needs to come from both sides of the aisle to improve its chances of enactment so advocates are encouraged to contact their members to Co-Sponsor the HTC Enhancement Act. Learn more how to contact members at https://live-national-trust-community-investment-corporation.pantheonsite.io/htc-tax-reform/.
Photos by Melani Hom