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Trump tax plan would eliminate federal historic building tax credits

Source: businessreport.com - Oct 25, 2017

The federal historic building tax credit program—critical to the redevelopment of historic structures and the revitalization of aging Main Streets and downtown neighborhoods across the country—is not included in the Trump administration’s proposed tax reform package, which appears to be on the fast track in Congress.

Though the program, under which developers are able to recoup 20% of the cost of renovating a historic building, could still be rewritten into the proposed legislation, there’s no assurance that will happen, and a broad coalition that includes preservationists and developers alike is preparing for a fight.

“What this would do to redevelopment is devastating,” says Fairleigh Cook Jackson, executive director of Preserve Louisiana. “You talk to any developer and they’ll tell you without these tax credits their project didn’t happen.”

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Category: General Business