November 9, 2020
The National Park Service (NPS) has released the 2019 Economic Impact Report for the federal Historic Tax Credit (HTC), providing an in-depth look at how the program has positively supported communities nationwide this past year and since it’s inception over 40 years ago.
The HTC provides a 20% federal tax credit to property owners who undertake substantial rehabilitation of a historic building in a business or income-producing use while maintaining its historic character. In addition to preserving and rehabilitating historic buildings, the program also promotes the economic revitalization of older communities in the nation’s cities and towns, along Main Streets, and in rural areas.
Since the program’s inception in 1976, more than 45,000 historic properties throughout the United States have utilized the credit, leveraging over $173.7 billion in private investment in historic rehabilitation and generating over 2.8 million jobs.
In Fiscal Year (FY) 2019, 1,042 completed historic rehabilitation projects were certified by the NPS, representing $6.4 billion in estimated rehabilitation investments (Another 1,317 proposed projects were also approved in FY 2019.
Source: Annual Report on the Economic Impact of the Federal Historic Tax Credit for Fiscal Year 2019