Beyond the Federal Historic Tax Credit: State Historic Tax Credits and Historic Properties Redevelopment Funds

摘要

Starting to write an article on historic rehabilitation financing in Fall 2017 was a bit like reading one of those "choose your own adventure" books where there are multiple possible endings depending on which options are chosen by the reader, with the federal 20% Historic Rehabilitation Tax Credit (the "HTC") being the main character. Congress was in the throes of negotiating H.R. 1, the Tax Cuts and Jobs Act (the "Tax Act"), the most significant federal tax bill since the Tax Reform Act of 1986, and some drafts eliminated the HTC. Since the HTC program's inception in 1976. There has been $131.8 billion cumulative HTC-related investment in over 42,000 historic rehabilitation projects certified by the National Park Service. If Congress had chosen to eliminate the HTC, this article would have had a different middle and ending.