News Historic Tax CreditIndustry/Other

Help HTC-GO Continue to Gather Steady Support in the 118th Congress

Written By: NTCIC

HTC Advocacy Leaders Eye Upcoming Economic Package
as Marker for Bipartisan Tax Deal Later this Year

May 16, 2023: Despite national attention focused on the debt limit negotiations between House Republicans and President Biden, the Historic Tax Credit Growth and Opportunity Act (HTC-GO) is steadily gaining support from both Republicans and Democrats.

In March, Representatives Darin LaHood (R-IL) and Earl Blumenauer (D-OR) and Senators Ben Cardin (D-MD) and Bill Cassidy (R-LA) introduced HTC-GO (H.R.1785/S.639). The House and Senate bills include four permanent provisions that will add value to the Historic Tax Credit (HTC), improve access to the credit, and increase investment in smaller rehabilitation projects. The House bill also includes a provision that will temporarily increase the tax incentive amount to help address the significant challenges currently facing historic rehabilitation projects throughout the nation. Presently, the legislation has 20 cosponsors in the House and eight cosponsors in the Senate.

The House Ways & Means Committee is expected to mark up a partisan economic package soon, the scale of which remains to be seen. The bill will likely include individual and small business relief, an extension of certain expired tax provisions (e.g., bonus depreciation, deductibility of business interest and Research & Development expensing), and Inflation Reduction Act repeal. This package is expected to be voted upon by the full House as early as June.

DC advocacy coalitions are determining if community development improvements can be added to these discussions and be considered in the legislation. Democrats will not support many of the provisions and how the provisions are funded. This bill will serve as a Republican marker for possible future tax bill negotiations later this year. HTC advocates will continue to monitor these efforts to determine what legislative tax vehicle might come forward this summer and later this year. An abundance of Members of Congress demonstrating support for HTC-GO through cosponsorship will elevate HTC-GO’s chances of being considered in any year-end tax legislation.

Join us for HTC Lobby Day in DC on Wednesday, June 14th

The Historic Tax Credit Coalition is hosting its annual HTC Lobby Day in DC on June 14th. If you are a resident in any of the following states: AL, AZ, AR, CA, FL, ID, IN, IA, KS, KY, LA, ME, MS, MO, MT, NE, NY, NC, ND, OH, OK, OR, SC, SD, TN, TX, WV, WI, WY, please consider participating to voice strong support for HTC-GO provisions to be included in future moving tax legislation. Since June 14th is the day before many in the HTC industry are in town for the IPED Historic Tax Credit Conference, the Coalition anticipates a strong showing from the historic rehabilitation industry and Main Street and preservation advocates on Capitol Hill.

The Coalition will set up your meetings and provide educational materials, including maps and lists of projects for each state and congressional district. To allow most participants to fly in on the morning of the 14th, the Coalition will host a mid-morning breakfast briefing and then head to Capitol Hill between 11 am – Noon for an afternoon of meetings.

CLICK HERE for more details on upcoming HTC advocacy events!