Rutgers University in partnership with the Historic Tax Credit Coalition has released its third annual study on the economic impact realized by the federal Historic Rehabilitation Tax Credit (HTC). The study presents quantitative and qualitative information regarding the economic and other benefits of the HTC (e.g., providing affordable housing and spurring downtown revitalization) and explores ways in which the current HTC can be applied more flexibly in the future. The report finds that between FY 1978 and 2011, the HTC has generated more than 2.2 million jobs and $83.7 billion in income. In fact, in FY 2011 alone, the total national economic impact of the HTC included about 64,000 jobs, which generated $7.3 billion in output, $3.7 billion in GDP, $2.7 billion in income, and about $973 million in total taxes ($650 million in federal taxes, $155 million in state taxes, and $168 million in local taxes).
Click here to read the report.
