I just thought everyone should know that the federal historic tax credits are in clear jeopardy of being repealed as part of the Trump administration’s approach to tax reform policy. Speaker of the House Paul Ryan’s “Better Way Blueprint,” which specifically repeals the historic tax credits is currently in the House Ways and Means committee for consideration.
If you are reading this blog, you are probably a supporter of the historic tax credit. As a refresher, here are just a few reminders of the positive aspects of historic tax credits many developers and neighborhoods stand to lose out on if the credits are eliminated under new tax policy:
- Historic preservation is key to urban revitalization and Cleveland is a prime example of that.
- It is a huge job creator; nationally it has created 2.3 million jobs.
- It improves the housing stock in much needed neighborhoods.
- It pays for itself. Of the 23.1 billion dollars in credits there have been 28.1 billion dollars in tax revenue created.