In Fiscal Year (FY) 2017, 1,035 completed historic rehabilitation projects were certified by the NPS, representing $5.82 billion in estimated rehabilitation costs that qualify for the 20% Federal tax credit, according to the Annual Report on the Economic Impact of the Federal Historic Tax Credit in 2017. The report was published through cooperative agreement with Rutgers University, which is responsbile fo the content of the study. Another 1,501 proposed projects were also approved in FY 2017. The report found that many of these projects involved buildings that were abandoned or underutilized and in need of substantial rehabilitation to return them to, or for their continued, economic viability. Based on project data provided by the NPS, PolicyMap (a web-based online data and mapping application) determined that 50% of the certified rehabilitation projects in FY 2017 were located in low- and moderate-income census tracks, and over 79% were located in economically distressed areas.
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The National Park Services has published its “Annual Report on the Economic Impact of the Federal Historic Tax Credit for Fiscal Year 2016.” The report, which is produced by Rutgers University with assistance from the National Trust Community Investment Corporation—provides a quantitative analysis of the success of the federal historic tax credit (HTC).
Key findings show that fiscal year 2016 was a record-setting year for historic tax credit use. Activity increased by 32 percent over the last year—the greatest year-over-year increase in the program’s history. A banner year brings the cumulative totals of the credit’s economic impact since 1986 to 42,293 buildings rehabilitated, almost 2.5 million jobs created, and $29.8 billion in federal taxes generated. This last number is particularly significant because it confirms the HTC is a revenue generator for the U.S. Treasury (tax credits issued over this same period total $25.2 billion).
The release of this NPS report is incredibly timely. With pressure mounting for the Republican-controlled Congress to deliver a legislative victory ahead of the 2018 mid-term election season, comprehensive tax reform is now Washington’s top domestic policy objective. Republican leadership is determined to send a tax reform plan to the President before the end of the year. Without frequent and sustained advocacy from constituents over the next several weeks, the HTC is likely to join the many other business tax credits that simply do not make it back into a reformed tax code.
The new guidance, released by the National Park Service, gives examples of when buildings functionally related historically can be treated as separate projects for the purpose of certification.Read More
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.Read More