October 23, 2019 | Action Alert: Ask your Senators to Cosponsor the Historic Tax Credit Growth and Opportunity Act (HTC-GO) |
Last week, Senator Cassidy (R-LA), Senator Cardin (D-MD), Senator Collins (R-ME), and Senator Cantwell (D-WA) introduced the Senate version of the Historic Tax Credit Growth and Opportunity Act (HTC-GO), S. 2615.
Similar to the House version of HTC-GO (which presently has 48 Cosponsors
), the Senate legislation would bring more value to Historic Tax Credit projects, improve access to the credit, and encourage investment in smaller rehabilitation projects. What does the Senate version of the bill include?
- Increasing the credit from 20 to 30 percent for projects with rehabilitation expenses of less than $2.5 million;
- Making it easier to meet the substantial rehabilitation test;
- Creating greater flexibility for nonprofit organizations to access HTC benefits; and
- Eliminating the HTC basis adjustment requirement which will bring more value to all HTC projects by increasing the basis of rehabilitated historic buildings for building owners and eliminating the so-called 50(d) rules.
Combined, these provisions allow greater flexibility in use of the credit and create more impact, particularly in smaller communities and for smaller projects. What’s the timeline?
In September, the House and Senate passed a continuing resolution (CR) to keep the government funded through November 21st. This sets the stage for a year-end funding deal that may include negotiated agreements on tax issues. There may be an opportunity this year for champions of the HTC to insist that congressional leaders include provisions of the HTC-GO in year-end legislation. What can you do to champion this legislation?
Need to know more about HTC impact?
- Please contact your Senators and ask them to Cosponsor the Historic Tax Credit Growth and Opportunity Act (S. 2615).
- Locate the names and phone numbers of your Senators here. Or call the Capitol Switchboard at 202-225-3121 and ask to be connected to your Senator’s DC office.
- Call (during office hours) the offices of your Senators. Ask to speak with tax staff, or ask for the email address of tax staff.
- Ask: “Please co-sponsor the bipartisan Historic Tax Credit Growth and Opportunity Act (S. 2615) sponsored by Senators Cassidy/Cardin/Collins/Cantwell”
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