Preservation Action, Action Alert
Urge Your Senators to Cosponsor the HTC-GO Act: October 17, 2019
Senators Bill Cassidy (R-LA), Ben Cardin (D-MD), Susan Collins (R-ME), and Maria Cantwell (D-WA) have introduced the Senate version of the Historic Tax Credit Growth and Opportunity Act (S. 2615, H.R 2825). Similar to the House version of the HTC-GO Act, the Senate legislation would bring more value to Historic Tax Credit projects, improve access to the credit, and encourage investment in smaller rehabilitation projects.
The HTC Growth and Opportunity Act would eliminate the tax credit basis adjustment, which decreases the value of the HTC. This change would make the HTC more in line with the other tax credit programs and help restore some of the value lost by changes made during tax reform. Additionally, the bill would increase the credit from 20% to 30% for projects under $2.5 million. This would make the credit more appealing and improve access for smaller projects. The House version of the bill is up to 50 cosponsors.
Action Alert: Urge Your Senators to Cosponsor S. 2615 Today →