Historic tax credits on the ropes in GOP Congress
Maine Preservation reported on Friday that despite significant advocacy by the Maine delegation, the U.S. Senate Finance Committee’s version of the tax reform bill cuts the federal historic tax credit in half, from 20% to 10%, as well as eliminates the 10% pre-1936 non-historic building credit.
The release of the Senate tax reform bill came a day after the House Ways and Means Committee, on a party-line vote, passed The Tax Cuts and Jobs Act, or H.R. 1, which eliminates the historic tax credit entirely and sets up consideration by the full House this week.
“This means we must redouble our efforts to save the historic credit,” Maine Preservation stated in an advisory urging members and supporters to contact Maine’s congregational delegation to let them know “the historic tax credit is a crucial economic development tool that Maine communities need.”
Since 2008, Maine Preservation reported that 83 Maine projects have used the federal historic tax credit, creating 5,180 new jobs and 1,440 housing units, generating $42.2 million in taxes and delivering more than $700 million in total economic impact.
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