The 20 percent federal historic tax credit (HTC) has survived the most significant rewrite of the tax code in more than 30 years. Congress has confirmed once again that incentivizing the rehabilitation of our historic buildings makes good economic sense. Thank you to everyone who lobbied for legislative support of historic preservation. The final bill keeps the credit, but instead of allowing developers to reap its full 20 percent benefit when a restored building opens, as they can now, the credit will be parceled out over five years.
Why does the Historic Tax Credit Matter?
The HTC has been one of the leading drivers of revitalization across America and right here in central Ohio where more than 500 buildings/units have been rehabilitated utilizing the HTC, including the recent LeVeque tower renovation.
Since it was permanently written into the tax code in 1978, the HTC has leveraged $131 billion in private investment, created more than 2.4 million jobs and adapted 42,293 buildings for productive uses through 2016. To ice the cake, in Ohio, the State Historic Tax Credit program generates a return of $6.20!
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