Preservation Action, Legislative Update
Volume 20, Number 35, November 03, 2017 →
House Tax Reform Bill Eliminates the Historic Tax Credit
This week, the House released their tax reform bill, titled the Tax Cuts and Jobs Act. The bill calls for the elimination of the Historic Tax Credit. While this was anticipated, it is still a huge blow to the preservation community. The House Ways and Means Committee is set to begin the markup process on Monday, Nov. 6th. Chairman of the Ways and Means Committee, Kevin Brady (R-TX) said he expects consideration of tax reform to last until Thursday. House leaders are aiming to bring the tax reform bill to the House floor by mid-November and pass the bill before Thanksgiving. The Senate is expected to introduce similar tax reform bill in the next couple of weeks. Overall, Congressional leaders are pursuing an aggressive timeline on tax reform which could limit opportunities to insert the Historic Tax Credit back into the bill.
Last week, the House approved the Senate’s budget resolution, which paves the way for tax reform to pass the Senate with a simple majority.
Considering the limited schedule, now more than ever, we need everyone to make their voices heard on the Historic Tax Credit. Urge your members of Congress to stand up for the Historic Tax Credit. The need for tax reform is clear, but it must not come at the expense of this important economic redevelopment incentive, that more than pays for itself, and has a proven track record of creating jobs, saving historic buildings, and revitalizing neighborhoods. For the last 4 decades the Historic Tax Credit has rehabilitated more than 42,000 buildings, attracted more than $130 billion in private investment, and created nearly 2.5 million jobs.
Your voice in the process is absolutely critical as we work to insure the Historic Tax Credit is included in the final version of tax reform. Check out our most recent Action Alert to find out how you can help and take action today!
Partners in Preservation Awards $2 Million in Grants for Main Street Projects
This week, Partners in Preservation, a collaboration between the National Trust for Historic Preservation, National Geographic, Main Street America, and American Express, announced the 11 winning main street projects from across the country. Over the last month, 25 main street projects competed for a total of $2 million in grants. More than 920,000 votes were cast in the Vote Your Main Street campaign, which helped to raise awareness and celebrate our great main streets. The 11 winning historic sites, determined by popular vote, will receive a total of $1.5 million in grants to fund their respective preservation projects. An additional $500,000 in grants was provided to the nonprofit partners of the 25 main street communities that participated in the program at the outset of the campaign to help raise awareness about their preservation needs.
The 11 winning projects were:
- Parker Hall and the John Trower Building in Philadelphia, PA
- Vintage Neon Sign Park in Casa Grande, AZ
- Formosa Café in Los Angeles, CA
- The Lyric Theater in West Des Moines, IA
- The Carolina Theatre in Greensboro, NC
- E. Romero Hose and Fire Building in Las Vegas, NM
- The Alabama Theatre in Birmingham, AL
- The Woodward Theater in Cincinnati, OH
- Ivers Square in Cape Girardeau, MO
- McKinney Performing Arts Center in McKinney, TX
- Utah Pickle Company and Hide Buildings in Salt Lake City, UT
Join Preservation Action at the National Preservation Conference in Chicago
Preservation Action Foundation’s Legendary Party and Auction
Get your tickets for Preservation Action Foundation’s Legendary Party and Auction on November 15, 2017 from 830pm-1030pm during the National Preservation Conference in Chicago, IL! The annual auction had long been a highlight for Preservation Action Foundation and of the National Preservation Conference. Please join us immediately following the conference opening reception at the Cliff Dwellers Club, on the 22nd floor of the Borg-Warner building. Check out the auction webpage for more information. Space is limited, Get your tickets today!
Preservation Action Booth in Conference Exhibit Hall
Be sure to check out Preservation Action’s booth in the exhibit hall throughout the conference for more great auction items. The exhibit hall will be open Wednesday, November 16th to Friday, Nov. 18th. Auction items will be available online so you can check on your bid throughout the week. Check out our auction webpage.
Preservation Action Member Meeting and Legislative Update
Preservation Action’s annual Member Meeting will be held on Friday, November 17, 2017 at 3pm in the “Spire Parlor” room on the 6th floor of the Palmer House Hilton. At the conclusion of the member meeting, Preservation Action alongside Landmarks Illinois will host a Legislative Update, designed to educate leaders in the preservation community on federal policy initiatives. In addition to bringing you the latest preservation policy issues and are also excited to present the results of Preservation Action’s Annual Grassroots and Strategic Issues Survey. This event is free and open to the public, click here for more information.
Stories From Around the States
Massachusetts: “City Council Supports Historic Credit Tax Program”
Tennessee: “Historic Tax Credit Cut in New House Tax Plan“