The historic tax credit helped created 78,000 jobs and $3.4 billion income during FY 2014, according to a report from the National Park Service and Rutgers University Edward J. Bloustein School of Planning and Public Policy. Using an economic model developed by Rutgers University called the Preservation Economic Impact Model, the report captures the economic impact during, and leading up to, the fiscal year that ended on September 30, 2014.

In FY 2014, $4.8 billion was invested in historic tax credit-related rehabilitation. According to the report, these FY 2014 investments driven by the historic tax credit yielded:

  • 78,000 jobs
  • $3.4 billion in individual wages and salaries, as well as proprietor income
  • $9.1 billion of output (shipments, as reported in the Economic Census)
  • $4.6 for the Gross Domestic Product (GDP)
  • $1.2 billion in taxes ($800 million in federal, $200 million in state, and $200 in local)

Since the program’s inception, the federal historic tax credit program has generated $28.6 billion in federal tax receipts, while only allocating $22.6 billion in credits. The HTC has encouraged a cumulative $1117.6 billion in investment. It’s cost to the U.S. Treasury has been approximately a fifth of that, at $22.6 billion.

With half of all housing tax credit transactions include housing, the HTC has helped create more than half a million housing units. The HTC often works in conjunction with the low-income housing tax credit, which means nearly a third of these units were built for families earning less than the area median income.

Read the Annual Report on the Economic Impact of the Federal Historic Tax Credit FY 2014.