Ask your legislators to support the
Historic Tax Credit enhancement provisions included in the infrastructure legislation.
Your outreach will directly determine
how much support HTC provisions will receive in ongoing negotiations with the Biden Administration.
For months, Greater Portland Landmarks has joined preservation supporters across the country to advocate for improvements to the federal Historic Tax Credit program. Last week, the House Ways and Means Committee passed a key piece of infrastructure legislation that will expand and improve a number of community development incentives.
Historic Tax Credit provisions, similar to the House version of the Historic Tax Credit Growth and Opportunity Act (HTC-GO/H.R. 2294), were included in the legislation and passed out of committee on a vote of 24 to 19. The following HTC provisions were included in the bill passed out of the Ways and Means Committee:
Temporarily Increasing the HTC From 20% to 30% for all projects. (Sec. 135301)
Permanent increase in the rehabilitation credit for small projects. (Sec. 135302)
Modification of substantial rehabilitation definition. (Sec. 135303)
Elimination of basis adjustment. (Sec. 135304)
Modifications of tax-exempt use leasing rules. (Sec. 135305)
Enabling HTC to be used for public school buildings. (Sec. 135306)
How can you help?
While Senate Democrats are in control of the present phase of negotiations and Maine doesn't have a Democratic Senator, we encourage you to reach out and express to our legislators the impact Historic Tax Credits have on economic development and affordable housing creation in Maine communities today! Will you join us?
Despite strong support in the House, the Biden Administration is currently negotiating with House and Senate leadership to reduce the cost and scope of the bill. All historic tax credit provisions are in jeopardy of reduction or elimination.