Tax Credits that Help Restore Historic Buildings Threatened

Astounding photo of the top of the Metropolitan Building, Detroit, which is being rehabilitated. Photo by Elizabeth Beale, as HistoricDetroit.org.

Astounding photo of the top of the Metropolitan Building, Detroit, which is being rehabilitated. Photo by Elizabeth Beale, at HistoricDetroit.org.

Historic Tax Credits, granted to property owners with approved rehabilitation of historic (and in some cases, simply older) buildings, are under threat by the new administration in Washington DC. There are two very well compiled fact sheets about the Historic Tax Credit program, and I invite you to check them out (links display first authors): Historic Tax Credit Coalition and Preservation Action.

The tax credits were permanently codified in 1986 after having been utilized successfully since 1978.  Did you know that these historic rehabilitation tax credits actually raise more money than they cost?  Studies indicate that “as an economic activity, historic rehabilitation greatly outperforms new construction in job creation” (HTTC), and that:

In addition to revitalizing communities and spurring economic growth, the HTC returns more to the Treasury than it costs. In fact, Treasury receives $1.25 in tax revenue for every dollar invested. According to a study commissioned by the National Park Service, since inception, $23.1 billion in federal tax credits have generated more than $28.1 billion in federal tax revenue from historic rehabilitation projects.

Please take some time to find out more by reading one or both of the fact sheets, linked above, and by contacting our representatives in congress. A quick information page, with a sample letter for your modification and use, can be found at the National Trust for Historic Preservation. Websites of our representatives, which contain contact information, are: Representative Paul Mitchell, Senator Gary Peters, and Senator Debbie Stabenow.

Thank you!

A version of this article was first posted at our Facebook page.

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